Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to carry on the volatile trend on Thursday, analysts told Mubasher.
The EGX is likely to continue seeing a sideways trend in the last session of the week, head of capital market committee at the African Economic Council Ayman Fouda forecast.
The benchmark EGX30 index may retest 7,300 points and break above 7,373 points to reach 7,500 points, Fouda highlighted, adding that the index has support at 7,000 and 6,780 points.
Moreover, the small- and medium-caps EGX70 index has a short-term resistance at 885 points, he said, noting that the index may retest 894 and 900 points if it surpasses the 885 points.
Fouda recommended investors to hold onto their stocks and partially trade on stocks which hit main resistance levels to protect their earnings, in line with getting ready for creating new buying positions on stocks with positive financial performance and strong purchasing power.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX30 is likely to move upwardly in the long-, medium-, short- term.
The EGX30 index has resistance at 17,375, 17,750, and 18,000 points, while it has support at 17,000, 16,730, and 16,490 points, he added.
Meanwhile, the EGX70 index is projected to maintain the bull run in the long term, see a sideways trend on the medium trend, and witness a downward trend in the short term, Armia indicated, noting that the index is hovering around 942 to 1,000 points.
