Cairo - Mubasher: The Egyptian Exchange (EGX) is forecasted to move higher this week, on number of positive news, technical analysts told Mubasher.
"The recent positive news are expected to enhance the market this week, as long as the benchmark index EGX30 keeps its position above the level of 6,600 points, " said Safwat Abd EL Moneim, Branch Manager at Alfa Brokerage.
"The benchmark's movement above the level of 6,600 points, paves its way towards the level of 6,900 points," said Ehab Saeed, head of research at Osoul Securities.
As for the small and mid-cap index EGX70,the analyst said it targets the resistance level of 360 points.
EGX70 will be qualified to move towards the level of 373 points, its previous pick, if it kept its position above the level of 360 points, noted the analyst.
The positive sentiment is likely to control this week's early trade, as long as the market continued in witnessing strong trading values, said Ayman Fouda, head of capital market committee at the African Economic Council.
The main gauge targets the levels of 6,800 points and 6,950 points respectively, noted Fouda adding that it will gain support at the levels of 6,650 points and 6,580 points.
Last Thursday, the benchmark advanced 2.79% or 181.29 points to close at 6,669.80 points.
