Cairo – Mubasher: The Egyptian Exchange (EGX) benchmark index EGX30 is expected to extend its upside trend on Monday, after it succeeded in keeping its position above the level of 8,300 points, said Ibrahium El Nemer, Head of technical analysis at Naeem Holding.
“The market is triggered towards the resistance zone of 8,500 and 8,700 points amid the availability of good news as well as positive catalysts,” said El Nemer.
Last week, Egypt said it secured an initial agreement with the International Monetary Fund (IMF) to obtain a loan of $12 billion.
“The benchmark index EGX30 targets the upcoming resistance levels of 8,535 and 8,700 points as long as it succeeded in maintaining its position above the level of 8,195 points,” added the analyst.
As for the small and medium caps index EGX70, El Nemer pointed out that it attempts to test the resistance level of 364 points.
