Cairo - Mubahser: The Egyptian Exchange (EGX) is likely to maintain its uptrend toward 14,000 points after breaking above 13,700 points, analysts told Mubasher.
Mohamed Khedr, head of technical analysis at Prime Securities, said that the benchmark EGX30 index may see short-term resistance at 14,000 points, carrying on its bullish performance at 13,700 points.
The EGX30 index is expected to see a medium-term sideways move at 14,000 and 12,500 points, Khedr added, pointing out that this move will bolster the performance of blue chips.
The analyst recommends short-term investors to trade on stocks separately from the index.
On the other hand, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX30 index is forecasted to carry on its sideways performance on Wednesday’s trading session and see support near 13,670 points.
The EGX30 index may break through the levels of 13,715 and 13,790 points, Fouda added, noting that the index is still targeting 13,972 points to face support at 13,630 and 13,580 points.
The small- and medium-sized stocks EGX70 index has short-term resistance at 780 and 790 points, and support at 761 and 755 points, he highlighted.
The head of capital market committee recommends investors to keep an eye on stocks, in line with partial profit-taking and keeping investment portfolios’ liquidity to pick up active stocks near resistance levels, along with using the mechanism of buying on margin.
