Cairo – Mubasher: The Egyptian Exchange (EGX) is expected to extend its upside trend through this week trades following the recent decision made by the central bank to float the Egyptian pound against the US dollar, said Sameh Gharib, head of technical analysis at Gozor brokerage.
“The benchmark index EGX30 is forecasted to see new upward levels through 2017, near the zones of 14,000 points and 15,000 points,” added Gharib.
In the same vein, Michael Zaki, head of technical analysis at Arabia online said he believes that the benchmark will face resistance at the levels of 12,773, 12,223 and 13,670 respectively, while will gain support at the levels of 11,985, 11,316 and 11,103 respectively.
EGX closed on positive note on last Thursday, the last trading session in 2016, as its main indices showed mixed performance where the benchmark index added 0.69% or 85.06 points to end the year at the level of 12,344.89 points.
