Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to see stable moves on Wednesday, analysts told Mubasher.
The benchmark EGX30 index is expected to break resistance above 14,125 points towards 14,700 points, head of technical analysis at Naeem Holding Ibrahim Al-Nimr said.
This vision would remain valid as long as the index is stable above 14,100, Al-Nimr mentioned.
Al-Nimer recommended selective buying as the stop-loss standstill at 13,840 points.
Ayman Fouda, head of capital market committee at the African Economic Council, forecasted the EGX30 index to see sideways moves until the recovery of blue chips.
The index may retest resistance at 14,384 and 14,400 points and support at 14,300 and 14,100 points, Fouda highlighted.
The EGX70 index is seeing sideways performance between 795 and 756 points and it may retest resistance at 803 and 815 points in case it broke above 795 points, Fouda added.
