Cairo-Mubasher: The Egyptian Exchange’s (EGX) benchmark is likely to head towards 8,500 and 8600 if it breaks through 8,140 and 8,260 points, technical analysts told Mubasher.

EGX30 closed Wednesday with a rise of 1.96% to 8,105 points; the biggest daily close since 5 July 2015.

Mona Hassan, chief technical analyst at MubasherTrade, said EGX30 continued its upward trend to close Wednesday at the 8,105 level, adding that the index is set to cross the current resistance levels of 8,100 and 8,140 points.

If the gauge breaks the current resistance levels, it will move to the next resistance of 8,260 point, Hassan said.

Ibrahim Al-Nimr, head of technical analysis at Naeem Holding, said the benchmark staged a comeback from the 7,875 level, which indicates that the market will try to rise to the 8,140 level.

If the index breaks through the 8,140, it will move to the 8,500 and 8,600, the analyst said.

He advised investors to buy near the support levels, noting that the stop-loss levels for EGX30 and EGX70 are 7,875 and 440 points, respectively.

Translated by Abdul Maguid Aboshahla