Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue its upside trend as long as the benchmark index EGX30 resume its movement above the level of 11,411 points, said Huda ELMenshawy, head of technical analysis at Egyptian Group for Securities.
The benchmark will return back to its fluctuating sideways trend if it moved below the level of 11,411 points, which could be followed by a correction movement, noted ELMenshawy.
In the same vein, Shahad Raaft technical analyst at Mubahser trade stated that the benchmark may test the support level of 11,000.The benchmark will target the level of 12,000 if it break above the resistance level of 11,687 points, added Raaft.
Egypt’s bourse closed on negative note on Wednesday as the market main indices declined collectively, topped by the benchmark index EGX30 that lost 1.34% to close at 11,348.3 points.
