Cairo - Mubasher: The Egyptian Exchange (EGX) is forecasted to bounce up slightly on Wednesday, on the decrease of the selling pressures that dominated the previous sessions, technical analysts told Mubasher.
The investors will concerned after the news about downing a Russian warplane near syria border by Turkey, noted the analysts.
The benchmark index EGX30 sagged 2.01% or 130 points, on Tuesday, to close at 6,321 points, its most low level since 4 December 2013, said Ibrahim Al Nemer, Head of technical analysis at Naeem Brokerage.
The benchmark failed in surpassing the resistance level of 6,645 points, that is why it may retest the support level of 6,300 points, noted Al Nemer.
If the benchmark didn't keep its position above the level of 6,300 points, then it may witness more declines near the level of 6,000 points, pointed out the analyst.
The main gage adopts downside trend over the short-run, where it targets the level of 6,550 points after breaking above the resistance level of 6,430 points, said Safaa Faris, Capital market expert.
The benchmark will target the level of 6,100 points, if it moved below the support level of 6,250 points, noted Faris.
On Tuesday, the benchmark dropped 2% or 129.9 points to close at 6,321 points, while the market capitalisation lost nearly EGP 5.2 billion ($667.4 million) to reach EGP 413.4 billion.
