Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the upward trend amid the emergence of new purchasing power on Tuesday.

Osama Naguib, head of technical analysis at Arab Finance Securities, projected that new purchasing powers will push the benchmark EGX30 index towards 13,400 points to maintain the positive correction movement and target 14,000 and 14,100 points.

He stressed that investors should monitor trading volume as higher volume indicates strong purchases that will boost the index to test 14,300 and 14,800 points.

For his part, head of capital market committee at the African Economic Council Ayman Fouda said that the bull run in the EGX will continue today, in line with the improvement of liquidity.

The EGX30 is expected to retest 13,800 and 14,050 points if it breaks 13,690 and 13,750 points, Fouda highlighted, pointing out that the index has support at 13,555 and 13,470 points.

He added that the small- and mid-cap EGX70 index has a short-term resistance at 695 and 703 points, while support 688 and 682 points.