Cairo – Mubasher: The Egyptian Exchange’s main index (EGX30) is likely to target higher levels by steadying above 8,255 points on Sunday, analysts told Mubasher.
Last Thursday, the main index rose 2.8% to 8,255 points, which means that EGX is now 255 points above the bottleneck’s mark of 8,000 points, said Hesham Hassan, head of technical analysis at Acumen Securities.
On the short term, EGX30 is likely move between the support mark of 8,000 points and the resistance of 8,300 points, Hassan added.
Likewise, market analyst Sameh Gharib said the main gauge is moving near the resistance mark of 8,300 points. If successfully holding above that mark, it will likely target the next resistance area at 8,500 points, Gharib clarified.
In case of profit-taking, the index will reverse its upturn towards the first support at 8,100 points and then 7,900 points, Gharib concluded,
