Cairo – Mubasher: The Egyptian Exchange (EGX) is anticipated to move higher on Tuesday, while the benchmark index EGX30 is expected to test the levels of 6,060 and 6,300 points.
“Egypt’s bourse is likely to extend its upside trend through this week’s remaining sessions,” said Ayman Fouda, head of capital market committee at the African Economic Council.
The benchmark will face primary resistance at the level of 6,060 points as it moves towards the level of 6,300 points, while it will gain support between the levels of 5,526 and 5,800 points, noted the analyst.
As for the small and mid-cap index EGX70, Fouda pointed out that it face resistance at the levels of 345 and 349 points, while it will gain support at the levels of 333 and 338 points.
“The market is likely to extend the current correction movement, where the main gauge targets the level of 6,300 points,” said Mona Hassan, Chief technical analyst at Mubasher.
