COMI, MFPC, ABUK, ALCN, AMOC, SKPC, BINV, EGCH, & sugar are the main drivers for the fall.
Traders' sentiment is to trade in strong balance sheets with solid fixed assets as well as avoiding trading in MYX:REVENUE stocks.
EGX30 is heading toward 26,600 points to end this correction or the correction will end as soon as FLOATING the EGP.
still consolidating... Defensive industries are the sole Winners such as Pharmaceuticals, Real State development, and/or food.
Losers are USD hedge , High Net Debt absolute vlaue, and/or High YoY debt growth companies.
Basically its a defensive bullish market with strong Fixed Asset in Balance Sheet .
30-min chart, the index has formed a falling wedge, and should target the Resistance line (R) at around 28125. After crossing it, the target will be 28850 extending to 29545
Technical indicator RSI is positive.
Below Support line (S) should be a stop loss.
- EGX30 came near the 60% Fib level and it was due to a pullback.
- It cant stay overbought for too long and a healthy pullback was necessary.
- In my opinion, it can stay in a range for a couple of weeks and its a good opportunity to add more shares to winning trades.
- In case the market decides to pullback more than the range. stop losses for each trades...
Its Bearish As Long as you are Under That TOP
First Bullish signal would be Breaking and Closing above The red Down Trend Line.
We had a Rising Wedge for the past weeks formed.
Broke under it,,
Then retested the Breaking Point which then Formed us our Red Trendline.
on The Chart Important Support And Resistance Levels.
Take Care of The big CAPs Stocks Which Made...
EGX30 found support on the 50ma with 2 candles = 1 pin bar, same like last it hit that same moving average. 80% probability of a continuation to the upside
1-hour chart,
The Egyptian market index EGX30 is rebounding to the resistance line BLUE, from the support line RED.
Above 25000, the target will be 26490, passing through the shown resistance levels.
Stop loss 24400
we can know that it's trending up just by looking at HH and HL, we also know that the down wave is just a correction in an up trend so we can predict the end of the correction by several things, especially price behavior, and its behaving as a fractal to the previous corrective wave, in this case, we can be sure that a continuation to the upside is nearby, this...
On the monthly chart, the INDEX EGX30 has crossed up the channel pattern upwards, then the target is 32600
The ascending upper blue line is the profit protection level.
Since my last update, the EGX30 has precisely followed the narrative and wave counts.
Right now we are headed to finalize wave 5 of the impulse. In the light of the escalating geopolitical tensions and the 2024 elections taking place in December 2023, there is a possibility for wave 5 to be much shorter than anticipated.
Personally, I hope we break the 21000 EGP...
The Egyptian Stock Exchange has not risen since its summit in 2008. A real motive rise has returned.. only a corrective sideways rise, and it must drop strongly in the shaded area in order to end all weakness and gather itself to make a strong motive rise like what happened between 2002 to 2008
Please clarify that I am helping you with my point of view, which may...
From Technical Analysis in the Vicinity of Financial Physics
The buying strength shown by ISTRI decreased with a rate higher than the decrease of buying pressure and buying momentum. This explains the reason for future decline in buying pressure, momentum.
PS the momentum indicator is the product of volume and the change in price.
