CAIRO: The Egyptian Exchange (EGX) is rode an upward move slightly Thursday as the benchmark index EGX30 edged above the resistance level of 9,800 points, registering 9,898.
“While the buyers showed that they are controlling at this phase, we should be aware of a possible profit taking wave in the upcoming few sessions,” Adham Gamal Eldin, head of the technical analysis desk at Cairo Capital Securities told The Cairo Post Wednesday night.
The market faces the level of (9,800-9,830) points as a resistance, then 10,000 points, while the level of 9,400 – 9,300 acts as a first support level followed by 9,150 points, Gamal detailed.
“Investors are advised to choose their stocks and take profits near resistance levels for short-term trading purpose and activate their stop loss,” the analyst recommended.
The EGX70 index registered a decrease of .23%, registering 569 points, down from 571 at open.