Mona Hassan, chief analyst, MubasherTrade, said the benchmark index EGX30 rose closing at 8744, adding that it broke resistance level 8500 and now it is heading towards previous high at 8820.
Nehal Zaki, head of technical analysis, Okaz Stock Brokers, said the benchmark continued its short-term uptrend towards next target area of 8820-8800.
According to Zaki, the nearest support level is the previous resistance area of 8640-8620, then the more important support level of 8500 points, which is also the stop-loss point.
Meanwhile, the nearest resistance area is 8800-8820 points, then 9060 points. The index is expected to move out of the medium-term sideways movement to reach higher price levels upon crossing the 8820 level, the analyst said.
Ahmed Abdel Hamid, CEO, Watheeqa Securities Brokerage, forecasted ‘calm’ trading today, ahead of the Eid ul-Fitr holidays. He said the benchmark is expected to target 8800 points in coming sessions.
EGX indices had ended Thursday’s session on an up note powered by the buying tendency of Arab and foreign traders.
Benchmark index EGX30 rose 2.12% - the biggest daily gain in more than seven weeks – to close at a two-month high of 8744.39 points. Similarly, the small and mid-cap index EGX70 added 0.56% or 3.48 points to 619.72 points and the broader index EGX100 advanced 0.63% to 1095.57 points.
Nehal Zaki, head of technical analysis, Okaz Stock Brokers, said the benchmark continued its short-term uptrend towards next target area of 8820-8800.
According to Zaki, the nearest support level is the previous resistance area of 8640-8620, then the more important support level of 8500 points, which is also the stop-loss point.
Meanwhile, the nearest resistance area is 8800-8820 points, then 9060 points. The index is expected to move out of the medium-term sideways movement to reach higher price levels upon crossing the 8820 level, the analyst said.
Ahmed Abdel Hamid, CEO, Watheeqa Securities Brokerage, forecasted ‘calm’ trading today, ahead of the Eid ul-Fitr holidays. He said the benchmark is expected to target 8800 points in coming sessions.
EGX indices had ended Thursday’s session on an up note powered by the buying tendency of Arab and foreign traders.
Benchmark index EGX30 rose 2.12% - the biggest daily gain in more than seven weeks – to close at a two-month high of 8744.39 points. Similarly, the small and mid-cap index EGX70 added 0.56% or 3.48 points to 619.72 points and the broader index EGX100 advanced 0.63% to 1095.57 points.
Source:
Mubasher Exclusive
