Cairo – Mubasher: The Egyptian Exchange is expected to adopt sideways trend on the short run, after the benchmark index EGX30 halted in breaking above the level of 7,645 points on Monday, technical analysts told Mubasher.
“The failure of the benchmark in overtaking the level of 7,645 points, assures that the market is still watching fluctuating trend and increase the probability of witnessing new sideways movement between the levels of 7,370 and 7,645 points,” said Hoda ELMenshawy, Head of Research at the Egyptian Group for Securties.
“The main index surged on Monday’s session amid average trading volumes to close at the level of 7,628 points, where it ended its attempts to surpass the level of 7,645 points”, said Shahd Raaft, technical analyst at Mubasher Trade.
The benchmark’s failure in moving above the level of 7,645 points, may push it to lower levels, added Shahd.
