Cairo – Mubasher: The stock of Misr National Steel (Ataqa) showed a downward trend, according to technical analysis.
However, the price recently formed an upward structure with higher highs and lows, broke through the descending trend line, and held above it.
The Relative Strength Index (RSI) is moving below the neutral level and trading below its moving average, indicating weak buying momentum.
Mubasher Research noted that the price is testing a significant demand zone around EGP 9.65-EGP 9.55, which represents an important area for buyers.
If buying price action appears on smaller timeframes, this could be considered an opportunity to establish long positions targeting the EGP 9.80 level.
In case the stock breaks through this level, the next target would be EGP 9.90, followed by EGP 10.10.
Conversely, if the price remains below EGP 9.50, the downward movement is likely to continue towards EGP 9.45, followed by EGP 9.35.
Price Movement
Ataqa stock started 2025 with a notable rise during January. Starting in February, the stock witnessed positive price behavior with an increase in trading volumes, as the stock entered a major upward trend, achieving a historical peak in June at 12.40 Egyptian pounds.
Then, the price entered a sideways range that lasted from July until December.
Disclaimer:
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. This is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
