Cairo-Mubasher: The Egyptian Exchange (EGX) will likely continue its positive performance on Monday, with the benchmark index EGX30 targeting the 7,000 level, said technical analysts.
Mona Hassan, Chief Technical Analyst at MubasherTrade, said most indices started to form positive signs, and thus investors should buy in dips.
She added that the benchmark is currently heading towards the double bottom pattern which has recently been formed at 6,950 pts.
The indices rose collectively on Sunday, as the main index reversed its early jittery decline to shut 0.86% or 58.14 points higher at 6,837.42 points, which is its highest level in one month.
Sameh Gharib, Head of Technical Research at Roots Securities, expected the market to continue its rally targeting the next resistance at 7,000 pts. He added that this positive outlook will continue as long as the index holds position above its support of 6,600 pts.
EGX70 also targets the next resistance of 374 pts, Gharib said.
Translated by Abdul Maguid Aboshahla
