Cairo – Mubasher: The benchmark index of Egyptian Stock Exchange (EGX) is expected to test a new resistance at 11,680 points.
The EGX30 is likely to target 12,000 points if the index breaks above its resistance, according to Hesham Hassan, head of technical analysis department at Osool Securities Brokerage
The EGX70 is likely to rise to 490 points if it moves above its resistance at 465 points, the analyst noted.
The medium-term outlook for the market will remain positive if the main index stabilises above 10,000 points, yet the short-term outlook for the market is highly risky, Hassan explained.
The main index is moving between its support at 11,375-11,100 points and resistance at 11,700-12,000 points, the analyst said.
In addition, the EGX70 is swinging on the short term between its support at 457-449 points and resistance at 464-472 points, the analyst added.
