Cairo – Mubasher: The upward movement of Cairo bourse this week is mainly contingent on testing the 7,600-7,700 area this week, said analysts, anticipating EGX30 to target 8,000 – 8,200 if breaking above 7,600 points.
Ehab Said, head of technical analysis at Osool Securities, said EGX is likely to test the previous resistance level of 7,700, adding that a break above it will take the index upwardly to 8,000 – 8,200 points.
Last week, the main gauge failed to break the level of 7,600 as selling powers hindered its uptrend, said Samih Gharib, head of technical analysis at Roots Stock Brokerage. However, the re-emergence of purchase powers will likely push EGX30 upwards to 8,000 – 8,200 points, he added.
The benchmark closed Thursday’s session 0.84% higher at 7,548.22 points, backed by the cabinet reshuffle.
