Cairo – Mubasher: The Egyptian Exchange is forecasted to see sideways movement Thursday following the declines of the previous session, technical analysts told Mubasher.
The benchmark index EGX30 is adopting a short-term sideways trend, said Mohamed Ismail, technical analyst at Golden Hand securities, adding that it is likely move higher through the upcoming period, where it targets the resistance levels of 6,250 and 6,350 points on the short run.
In the same vein, Ayman Fouda, head of capital market committee at the African Economic Council, said “The main gauge will find support at the levels of 5,940 and 6,000 points, and it may retest the resistance levels of 6,130 and 6,200 points subject to the availability of adequate liquidity.
As for the small and mid-caps index EGX70, it will gain support at the levels of 347 and 344 points, while it will face resistance at the levels of 353 and 355 points, added the analyst.
EGX indices declined collectively on Wednesday, as the benchmark index EGX30 went down 0.83% or 50.71 points to close at 6,054.03 points amid foreign and Arab investors sell-off.
