By: Heba El-Kordy
Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to continue the positive performance as purchasing powers and liquidity resumed after the Coptic Christmas holiday.
The benchmark EGX30 index has resistance at 15,100 points and an upside potential at 15,400 points, while it has support at 14,800 and a downside potential at 14,560 points, economist and capital market expert Safaa Fares told Mubasher.
The small- and medium-caps EGX70 index has resistance at 844 points and an upside potential at 860 points, while it has support at 825 and a downside potential at 811 points
Moreover, head of financial research at El Marwa for Securities and Brokerage Mohamed El-Naggar said that the EGX has been able to regain its bullish trend on Monday’s trading session after the Coptic Christmas holiday.
The EGX30 index is expected to test support at 14,800 points, El-Naggar pointed out, adding that the index is likely to hover around 15,600 and 15,650 points in the first quarter of 2018.
Additionally, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 is still moving upwardly, adding that it has resistance at 15,100, 15,170, and 15,360 points, while it has support at 14,927, 14,800, and 14,680 points.
Translated by: Mai Ezz El-Din
