Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to extend the sideways trend on Wednesday as the benchmark EGX30 index is likely to test the level of 13,400 points before targeting the mark of 14,000 points, analysts told Mubasher.
Market analyst at Mubasher International for Securities Shahd Raafat said that the index ended Tuesday’s session in the green zone to close at 13,531 points with above average volume.
Raafat added that lateral moves between 13,600 and 13,400 are likely to take place over upcoming sessions, noting that the range is recommended as long as the index holds above the stop loss level 13,300.
Meanwhile, technical analyst Ayman Fouda expected the EGX30 index to have short-term resistances at 13,620 and 13,698 points, while the support levels are forecast to be 13,460 and 13,350 points.
The small- and medium-sized enterprises index EGX70 is likely to face resistances at 620 and 624 points, and has supports at 609 and 603 points, Fouda added.
The main gauge rose on Tuesday by 0.29% or 39.45 points to the level of 13,531.34 points.
