Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to continue moving sideways during the week, and target resistance at 13,200 and 13,500 points, while support remains at 12,900 points, analysts told Mubasher.
The benchmark EGX30 ended Thursday’s session on low-traded value and volume at 13,098 points after testing 13,400 points, and is therefore likely to extend its sideways performance between 13,550 and 12,850 this week, with the level of 12,850 points being a stop-loss level, Shahd Raafat, technical analyst at Mubasher International, said.
Meanwhile, Sameh Gharib from Roots Securities Brokerage noted that the EGX30 succeeded in passing 13,200 points last week and hitting resistance at 13,400 points; however, selling pressures pushed the index downwards, prompting it to close at 13,098 points on Thursday.
As long as the benchmark index maintains a position above support at 12,900 points, it is likely rise once more towards 13,200 points, Gharib said, noting that passing that level will pave the way for further gains towards 13,550 points.
Main support for the index remains at 12,737 points, he added.
Gharib said he expects investors to begin forming new buying positions that will boost the index towards its record high of 13,500 points.
The EGX30 closed Thursday down, falling 1.44% or 191.45 points to 13,098.54 points.
