Cairo-Mubasher: The Egyptian Exchange's (EGX) benchmark is expected to continue its upward trend as long as it holds position above the 5,526 level, technical analysts told Mubasher.
Ehab Saeed, head of technical analysis at Osool Securities, said the index will test its previous resistance near 6,100-6,200, which may prevent it temporarily from rebounding.
He added that EGX70 will test the next resistance near 360 points, noting that if the index breaks this level upward, it will keep rising to 370 pts.
Sameh Gharib, head of technical research at Roots Securities, said investors should watch EGX30's performance at current levels as the selling pressures would push it lower.
As long as the gauge trades above its new support of 5,526, the current correction wave will continue, Gharib said.
He added that if the index breaches the 5,526 level, it will decline further to 5,150 pts.
As long as EGX70 holds position above its core support of 323, the current correction will continue, the expert said, noting that the index is moving in a downward trend in the medium and short term.
Translated by Abdul Maguid Aboshahla
