Cairo – Mubasher: The indices of the Egyptian Exchange (EGX) are likely to continue the sideways-to-rising performance on Tuesday, analysts told Mubasher.
The EGX’s upward trend is still based on local and foreign retail purchasing powers, economist and market analyst Safaa Fares said.
The benchmark EGX30 index has a short-term resistance at 14,870 points and an upside potential at 15,000 points, Fares highlighted, adding that the index had support at 14,600 points and a downside potential at 14,400 points.
The EGX70 index has resistance at 840 points and an upside potential at 866 points, while it has support at 818 points and a downside potential at 800 points, she indicated.
Moreover, Ayman Fouda, head of capital market committee at the African Economic Council, forecast the sideways-to-rising trend to carry on during Tuesday’s session.
The EGX30 index is currently moving upward as it has resistance at 14,800 and 15,000 points, while it has support at 14,700 and 14,680 points, Fouda alluded.
The EGX70 index has resistance at 846 and 858 points, while it has support at 822 and 808 points, he added.
Fouda recommends investors to trade on each stock separately and keep a close eye on the stop-loss levels.
