Cairo - Mubasher: The Egyptian Exchange (EGX)is expected to resume its intermediate-term downtrend, until it reaches the 5,800-6,000 area, said Pharos Research.
The research unit believes that during the next expected downward leg, important chances will emerge and the bottoming formation will probably be clearer.
Since there is always a lead and lag time among different sectors and stocks, bottoms do not always come in sync; some stocks will bottom before others, some sectors will show outperformance and more resilience to market declines, noted Pharos.
One of the stocks that probably began a major bottoming formation is MOIL, as it shows major positive divergences on the weekly chart that hint of a potential major rise, pointed out Pharos.
