Cairo – Mubasher: The stock of Suez Canal Bank is showing a strong upward trend in the current period, having successfully recorded a historic peak at EGP 42.50 in November, according to Mubasher Trade Research.
This trajectory reflects improvement in investor sentiment and an increase in demand for the stock, in addition to backing the possibility of continued upward movement as long as the price maintains the key support levels at EGP 33.50 and EGP 34.
Mubasher Trade Research added that the current trend is a positive technical signal to carry on.
The stock recently witnessed a correction after reaching a historic peak, while it is currently moving within a sideways range. Moreover, the price broke through a downward trend line, but with weak trading volumes.
To confirm breaking through the trajectory, the stock must stabilize above EGP 39.50, which makes it possible to target the EGP 40.40 level, which in case of being surpassed will lead to the next target at a historic peak of EGP 42.50.
If it stabilizes above the historic peak, there will be a chance for a rise toward EGP 43.80 and EGP 44.
Mubasher Trade Research noted that it is important to maintain secondary support at EGP 36.60 to prevent any declines, and if the price closes below this level, it is likely to target the main support area at around EGP 33.50 and EGP 34.
Price Movement Summary
The stock of Suez Canal Bank started 2025 with weak trading volumes, which led to price movement within a sideways range that continued throughout January.
Starting from February, the stock witnessed a positive price behavior with an increase in trading volumes, entering a major upward trajectory and achieving a historic peak at EGP 42.50 in November. However, it declined in December due to profit-taking transactions.
Important Note: This analysis relies solely on the foundations and tools of technical analysis and reflects a purely analytical perspective that may vary depending on the methods of interpretation and estimation. 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 personal goals.
