Cairo – Mubasher: The Asek Company for Mining - ASCOM stock has been witnessing notable development in recent weeks, as it ended the correction wave it started from the peak of EGP 54 pounds at a pivotal support zone between EGP 44-45, an area that has shown strong resilience with a clear return of buying liquidity, Mubasher Trade signaled the stock movement.

This rebound came after a quiet movement with a decline in volumes, followed by a noticeable gradual increase in the trading volume during the rebound, which reflects the entry of a new buying power. This pattern is technically known as "flag."

The stock is still maintaining the main upward trend that began with the breakout of the 200-day moving average and stabilizing above it, while the MACD indicator shows a positive crossover from low areas, indicating also the possibility of a new upward wave starting.

The Relative Strength Index (RSI) has rebounded upwards, reinforcing the return of buyers without reaching an overbought status that could hinder the continuation of the movement. Finally, maintaining trading above the EGP 45 level keeps the outlook positive and positions the stock to target the first resistance at EGP 48.50.

Summary of price movement

Since the beginning of 2025, the Asek Company for Mining stock has moved within a narrow range between EGP 30 and EGP 34, with weak momentum for most of the early months. By mid-year, the price behavior changed completely after breaking through the 200-day moving average, leading the stock into a clear upward trend that raised it from around EGP 36-39 to its peak at EGP 54. After that, the stock witnessed a healthy correction, during which it retreated to the EGP 44–45 zone, an area that proved its strength as a major support, before the stock began a new rebound that maintained the structure of the upward trend.

Notice
Important Notice: This analysis is based on the foundations and tools of technical analysis, and reflects a purely analytical perspective that may vary depending on the methods of reading and interpretation.

What is stated in this report should not be considered a direct recommendation to buy or sell, nor an invitation to make any investment decisions; it is for monitoring and study purposes only. Investment decisions are the sole responsibility of the investor based on their financial situation and specific investment goals.