Cairo - Mubasher: The stock of Raya Customer Experience (RAYA CX) experienced a sharp decline after breaking through the 9.20 EGP support level.
The price then rebounded from the 8.20 EGP level, establishing a significant support point
Indicators highlight that the price managed to hold above the moving average, and it must maintain the 8.65 EGP support level to continue the upward correction.
If the price successfully holds this support, the target is expected to be 9.10 EGP. A break above this level would then target 9.40 EGP, followed by 10.20 EGP.
However, if the stock fails to hold the aforementioned support level and closes below it, it is likely to decline towards the next support level at 8.75 EGP.
In case the price remains below this support and closes below the moving average, it would signal weak buying pressure and the possibility of the correction extending to the 8.20 EGP support level.
Technical analysis showed that the stock began 2025 trading sideways with relatively low trading volumes. This sideways range persisted from January to September.
Starting in October, the stock successfully broke through its sideways range, accompanied by high trading volumes, reaching a historic high of 12.15 riyals. The stock then experienced a sharp decline until December.
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. This 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.
