Giza General Contracting
GGCC
GGCC
The stock of Giza General Contracting and Real Estate Investment has skyrocketed during Thursday’s session to its highest level since debut.
The stock soared 10% to EGP 35.5, after nearly 97.6 thousand shares in the company were traded in 206 transactions at EGP 3.5 million.
The stock crossed the main upward trend and then fluctuated within a long-term sideways movement to form an ascending triangle, said Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage.
The analyst told Mubasher that, upon crossing the EGP 36 level, the stock will complete the ascending triangle to target EGP 47.
He indicated that momentum indicators for the stock price and volume show positive signals, advising short-term traders to buy in dips and stop loss below EGP 27.75.
Meanwhile, medium-term traders are advised to wait till the stock cross the EGP 36 level, according to the analyst.
The stock soared 10% to EGP 35.5, after nearly 97.6 thousand shares in the company were traded in 206 transactions at EGP 3.5 million.
The stock crossed the main upward trend and then fluctuated within a long-term sideways movement to form an ascending triangle, said Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage.
The analyst told Mubasher that, upon crossing the EGP 36 level, the stock will complete the ascending triangle to target EGP 47.
He indicated that momentum indicators for the stock price and volume show positive signals, advising short-term traders to buy in dips and stop loss below EGP 27.75.
Meanwhile, medium-term traders are advised to wait till the stock cross the EGP 36 level, according to the analyst.
Source:
Mubasher Exclusive
