Cairo – Mubasher: The Egyptian Exchange (EGX) is likely to carry on the sideway-to-declining trend on Monday, analysts told Mubasher.
The benchmark EGX30 index will hit 13,170 and 13,260 points if it settles above 13,000 points, head of capital market committee at the African Economic Council Ayman Fouda said.
The index has support at 12,960 and 12,800 points and it may test lower levels by breaking it, Fouda added.
At the level of the small- and mid-cap EGX70 index, he indicated that it has a short-term resistance at 670 and 677 points, while it has support at 660 and 650 points.
Moreover, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 index is moving downwardly in the short-term and is seeing a volatile trend in the long-term.
Armia highlighted that the EGX30 index has main support at 12,830, 12,700, and 12,620 points, and has resistance at 13,275, 13,435, and 13,600 points.
