Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to continue seeing a wave of profit-taking on Thursday, in line with witnessing a volatile trend, analysts told Mubasher.

The benchmark EGX30 index is moving upwardly towards 15,400 and 15,470 points after recording a six-day winning streak, head of technical analysis at Naeem Brokerage Ibrahim El Nemr said.

The EGX30 index could not carry on the bull run to break above 15,470 points, but is likely to rebound towards 15,070 points, El-Nemr highlighted.

For his part, Ayman Fouda, head of capital market committee at the African Economic Council, said that the EGX ended Wednesday’s trading session mixed after rising for six consecutive sessions in a row on the back of the positive economic indicators.

The EGX30 is forecast to test resistance at 15,360 and 15,470 points, while it has support at 15,160 and 15,067 points, Fouda added.

Meanwhile, the EGX70 index has a short-term resistance at 860 and 878 points, while it has support at 848 and 836 points, he continued.

Fouda recommended investors to trade on active stocks, get ready to take profits of stocks that hit near resistance levels, and keep buying on margin.

The EGX closed Wednesday on a mixed note amid local and non-Arab buying against Arab selling, and the EGX30 index closed up 25.23 points, or 0.17% to 15,244.49 points.