Cairo – Mubasher: Egyptians for Housing and Development Company's stock successfully broke out of a symmetrical triangle pattern, backed by high trading volumes.
This reinforces the continuation of the upward trend ,and the weekly close is also positive.
The buying targets are at EGP 2.55, followed by EGP 2.75, which is a potential rebound zone due to its alignment with the 1.27 Fibonacci extension level.
Technical analysis indicated that a break above these levels would likely target EGP 3.10, which represents the target of the symmetrical triangle.
Maintaining the secondary support at EGP 2.10 is crucial to maintaining the positive outlook and achieving the aforementioned targets.
A close below the primary support at EGP 1.95 would be a negative signal.
Egyptians for Housing’s stock began 2025 in a sideways range with relatively low trading volumes. This sideways range persisted from January to October.
Starting in November, the stock successfully broke out of the sideways movement, accompanied by high trading volumes, achieving an upward trend that continued until December.
Disclaimer:
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. This is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
