Mona Moustafa, technical analyst, African Economic Group, said the Egyptian Exchange (EGX) indices are expected to continue moving sideways today. She added that indices will likely dip at open to reach support levels to contain sellers, in a bid to trigger fresh buying to halt the profit taking.
Sunday’s turnover came weak at EGP 542 million, which signals continue sideways movement, the analyst said, noting that indices failed to cross target resistance levels due to the lack of momentum.
According to the analyst, the benchmark index EGX30 is moving sideways between resistance at 9500 and support at 9350. The small and mid-cap index EGX70 is moving between resistance at 664-667 and support at 655-652 points.
Moustafa advised traders to monitor their shares over the coming days and move to defensive stocks.
The market trend on Suday was sideways, especially as the benchmark index touched in early trade the strong resistance area of 9500-9510 - which it was unable to cross for two weeks – and saw profit taking till the close of session, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
The analyst added that, despite the market’s sideways movement, the overall performance is still very positive and moderate traded volumes are at assuring levels, especially as the market is near key resistance levels and the moderate traded volumes signal week selling powers.
Sunday’s turnover came weak at EGP 542 million, which signals continue sideways movement, the analyst said, noting that indices failed to cross target resistance levels due to the lack of momentum.
According to the analyst, the benchmark index EGX30 is moving sideways between resistance at 9500 and support at 9350. The small and mid-cap index EGX70 is moving between resistance at 664-667 and support at 655-652 points.
Moustafa advised traders to monitor their shares over the coming days and move to defensive stocks.
The market trend on Suday was sideways, especially as the benchmark index touched in early trade the strong resistance area of 9500-9510 - which it was unable to cross for two weeks – and saw profit taking till the close of session, said Ahmed Thabet, head of technical analysis, Mirage Securities Brokerage.
The analyst added that, despite the market’s sideways movement, the overall performance is still very positive and moderate traded volumes are at assuring levels, especially as the market is near key resistance levels and the moderate traded volumes signal week selling powers.
Source:
Mubasher
