Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to maintain the bearish trend this week, analysts told Mubasher.
The EGX is expected to carry on the downward trend on the back of further selling pressures, head of technical analysis at Arab Finance Securities Osama Naguib said.
The benchmark EGX30 index will continue the negative performance as long as it is moving below 16,100 points, Naguib highlighted.
The EGX30 may test main support at 15,100 and 15,000 points, he indicated, recommending investors to set this level as a short-term stop-loss.
The index has resistance at 16,100 points, he added, pointing out that this level represents an obstacle for the index to rise in the meantime.
Moreover, head of capital market committee at the African Economic Council Ayman Fouda said that the main indices of the EGX may open the week in red territory until new liquidity boost blue-chip stocks.
The EGX30 index has a short-term resistance at 15,550 and 15,750 points, while it has support at 15,070 and 14,800 points, Fouda noted.
As for the small- and mid-cap EGX70 index, he added it has short-term resistance at 749 and 755 points and has support at 736 and 730 points.
