EGX Sell off

- While technically the market was way too overbought and way too overextend this sell off seems real.

- cheap can get cheaper, so avoiding buying a falling knife is wise option.

- too much panic in the market, so I liquidated all except few.

- monitor stop losses and sell all losers

Comment:

EGX30 bellow 25400 is a RISK OFF market.
At least for the tickers that moves with EGX30.

So far the market is still considered on an uptrend med/long term.

Comment:

Market is still considered on an uptrend.
Buying dips for good setups is a good idea.

Comment:

Although EGX30 looks like it wants to chop around for some time before making its move.

Comment:

EGX30 is not rolling over and dying. but it may stay in a range and choppy for some period. in my own estimate, (couple of months)

Comment:

Do not rule out the possibility of another test of the prev low.

Trade closed manually:

Above 28570 the market is RISK ON.
Resistance @ 29000/29700.

Comment:

First resistance is here @29000.

Dont believe anyone who says the market is going to correct.
Market is still bullish. even if it struggles for a bit at 29000.
if you are holding good trades, no reason to let anyone scares you from the trades.

Comment:

Major Resistance is here.
Market came close to my last major level @29700.
Watch your stoploss, just in case the market keeps struggling at this level.
so far looks like indecisive.

Also EGX100 is coming close to a major resistance at 10885.
Hope everyone is doing great.

Comment:

Its wise to take some profit off the table.

Comment:

Hold and Hope is not a strategy.

Sell losers, stay with the ones holding.

Market is still risk on/ risk off bellow 25900.

Trade closed: target reached