Cairo - Mubasher: The stock of Orascom Development Egypt reached unprecedented historical highs near EGP 29.28 before experiencing some declines due to profit-taking.
Technical indicators by Mubasher Research showed that the stock maintains its upward trend structure, having broken through a significant secondary resistance level around EGP 26.23, supported by high trading volumes.
The stock faces a crucial technical level around EGP 27.59. A break above this resistance level would support further upward movement toward EGP 28.30–EGP 28.94.
If this level is surpassed, the next targets would be EGP 29.80-EGP 30.90. The EGP 26.60 support level must be maintained to preserve upward momentum and avoid short-term corrections towards the EGP 26 level.
Price Action Summary
Orascom Development Egypt's stock has performed positively throughout 2026. At the beginning of January, the stock retested the upward trend line that had been in place since June of the previous year. The stock successfully rebounded from the trend line, which had been acting as a price support level.
It continued its upward trend, reaching a historic high of EGP 29.28 in February, before experiencing profit-taking that pushed the price back to retest the ascending trend line.
Increased trading volumes supported the stock's positive rebound, reflecting the strength and continuity of the upward trend in the short and medium term.
Disclaimer
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. This is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
