Cairo – Mubasher: The Egyptian Exchange (EGX) is like to see a positive performance following Eid Al Fitr holiday, analysts told Mubasher.
The benchmark EGX30 index closed the Islamic holy month of Ramadan’s trading session above main resistance at 16,209 points, customer relations manager at Arabeya Online Michael Mamdouh Naguib said.
The index is expected to resume the positive performance in the short-term if it breaks 16,335 points, Naguib indicated.
The EGX30 has support at 15,781 points and by breaking this level it may see support at 15,500 points and resistance at 16,335 points to target 16,700 points in the short-term, he highlighted.
He recommended investors not create any purchasing position before breaking above 16,335 points, in line with monitoring trading volume.
Meanwhile, the small- and mid-cap index EGX70 is still seeing corrections and some rebounds and has support at 792 points and resistance at 820 points, Naguib noted.
