Cairo – Mubasher: The Egyptian Exchange (EGX) benchmark index EGX30 is expected to move higher again towards the levels of 8,300 and 8,500 points, while keeping its stable movement above the level of 8,000 points, technical analysts told Mubasher.
“The benchmark is seen bullish on the short – run although it eased 0.89% closing at 8,199.65 points in the previous session,” said Ibrahim EL Nemer, head of technical analysis at Naeem brokerage.
The benchmark succession in maintaining its position above the resistance level of 8,000 points lead to changing its trend on the short – run to upside one, added EL Nemer.
The benchmark targets the levels of 8,300 and 8,700 respectively, noted the analyst.
“We advise investors to make buying positions near the support levels and to stop losses near the level of 7,915 points,” said EL Nemer.
The benchmark index went down 0.89% or 73.5 points closing at 8,199.65 points on Tuesday.
