Al Amalka Stock Dealing issued a new technical report on The Egyptian Exchange (EGX). It said that EGX30 retreated over the past sessions and was unable to move up after breaking the 4900 points. The benchmark is trying to reach the upcoming target; however, it shows week performance on failing to breach the 5150 mark.

The benchmark formed the head-and-shoulders pattern as it breached the neckline downwards. EGX30 may see a steep decline over the coming sessions, the brokerage added, noting that any rally close to the 5150 area is a selling opportunity for the target of 4500 pts. In case the index breaks the 5150 level, it will maintain its way up; which is unlikely.

The main measure faces support at 4861-4800-4678 pts and resistance at 4975-5050-5123 pts. Investors were advised to watch out these points and trade in the short run.