Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to maintain the positive performance on Wednesday, analysts told Mubasher.
Ayman Fouda, head of capital market committee at the African Economic Council, forecasted the EGX to see a positive performance during this week’s session.
The benchmark EGX30 is still seeing a short-term resistance at 14,270 and 14,386 points and had support at 14,100 and 14,050 points, Fouda added.
The EGX70 index has short-term resistance at 773 and 777 points and support at 765 and 758 points, he highlighted.
Fouda recommended investors to monitor stocks and get ready for partial profit-takings at resistance levels of each separate stock, noting that quick traders should trade on active stocks through margin trading.
Moreover, technical analyst at Mubasher International for Securities Shahd Rafaat said that the EGX30 index ended Tuesday’s session at 14,132, pointing out that “the weakness is in the inability to approach new high and we still keep our conservative look on the market as the next support now is 13,950.”
