Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to see a sideways trend on Thursday amid a wave of profit-taking.
Ayman Fouda, head of the capital market committee at the African Economic Council, projected that the EGX would see sideways trend today, while some stocks would see partial profit-taking.
The benchmark EGX30 index has a short-term resistance at 14,810 and 15,074 points and has support at 14,695 and 14,480 points, Fouda added.
Meanwhile, the small- and mid-cap EGX70 index has a short-term resistance at 695 and 705 points, and support at 684 and 677 points, he said.
For his part, head of technical analysis department at Arabeya Online Michael Armia said that the EGX would move sideways in the long-term.
Armia advised investors to purchase at daily support levels when the trading session witness any declines.
The EGX30 index has main support 14,490, 14,127, and 13,900 points, while it has resistance at 15,245, 15,550, and 16,000 points, he highlighted.
At the level of the EGX70 index, he indicated it would move downwardly in the long-term and see a sideways trend in the medium- and short-term.
The EGX70 index has main support at 675, 660, and 644 points, while it has resistance at 710, 738, and 750 points, Armia added.
