Cairo – Mubasher: The stock of Lecico Egypt has maintained a significant support zone between EGP 23.25 and EGP 23.55, which represents a defensive range for buyers. It has begun an upward rebound, supported by a noticeable improvement in trading volumes.
Technical analysis highlighted that the stock is currently heading towards a significant secondary resistance level at EGP 24.65, which coincides with the short-term moving average, further emphasizing the importance of this technical level.
A break above this level would support the continuation of the upward movement towards the EGP 25.21- EGP25.48 range, and with the positive momentum continuing, the target could extend to EGP 26.00-EGP 26.39.
According to Mubasher Research, the stock remains supported by the EGP 24.13 level as the first significant support zone, followed by EGP 23.25 as a stronger secondary support.
Overall, as long as the stock remains above EGP 24.13 and breaks through the aforementioned resistance with active trading volumes, the positive outlook towards the targeted levels will continue.
The Relative Strength Index (RSI) is currently neutral near the 50 level, indicating a balance between buying and selling forces.
Price Action Summary
The stock began trading in 2026 at relatively low levels, having experienced some selling pressure during January.
Subsequently, the stock saw a significant increase in trading volume as it began an upward rebound towards testing the resistance level at 28.80, a level that was the resistance level in October of last year.
However, the stock has not yet been able to break through this level, which represents a significant psychological barrier on the chart, with a clear history of price resistance at this range and failure to break through it on several previous attempts.
Currently, it is moving sideways around key price levels, without breaking through these levels, indicating a phase of balance between buying and selling forces.
Disclaimer:
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell nor an invitation to make investment decisions. The content is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
