CAIRO: The Egyptian Exchange (EGX) is likely to face profit taking activities near its resistance level of 9,580 points Monday, which may drag the index to slip toward 9,400 – 9,300 points, Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities told The Cairo Post.
On Sunday, the EGX closed on a negative note as the benchmark index EGX30 lost 0.26 percent, as 24 of 30 index movers closed in the red area, said Gamal.
He added that the benchmark index EGX30 traded sideways Sunday, giving a hint for the balance in power between buyers and sellers in the last session.
The market faces 9,580 points as a resistance level, followed by 9,800 points. On the other hand, the level of 9,300 points acts as first support level followed by 9,150 points, according to the analyst.
“Investors are advised to choose their stocks carefully and to enter a stocks near its support levels. They also should take profits near resistance levels for short term trading purposes and activate their stop-loss tactic to avoid any risks that may occur,” Gamal recommended.