Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the upward trend on Wednesday, the last trading session in October, analysts told Mubasher.
The EGX is expected to maintain the positive performance in the last trading session of October, head of capital market committee at the African Economic Council Ayman Fouda said.
The benchmark EGX30 index may retest 13,175 and 13,260 points if it settles above 13,150 points, Fouda highlighted, pointing out that the index has support at 13,000 and 12,991 points.
As for the small- and mid-cap EGX70 index, he added that it has a short-term resistance at 688 and 695 points, while it has support at 675 and 666 points.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 will move downwardly in the short- and medium-term and will see a sideways trend in the long-term.
Armia noted that the index has main support at 12,830, 12,700, and 12,620 points, while it has resistance at 13,275, 13,435, and 13,600 points.
