RAYA : A potential investmentWeekly chart, the stock EGX:RAYA is drawing an ascending broadening pattern.
Direction: long term uptrend
There is a resistance zone between levels 3.55 and 3.74
Crossing up this zone, the price will target 5.00
Another tough resistance is the pivot line (around 4.10 - 4.20 : moving up)
Further long-term targets: 5.75 , 5.90
Stop loss: 3.20
Techn. indicators:
MACD: Positive
RSI: Minor correction
RAYA
RAYA Egypt may go bullish towards 5.30 !Weekly chart,
I see a pre-formation of a widening rising wedge pattern, and the stock EGX:RAYA is preparing to go on a bullish movement towards the upper line R
There is a very strong resistance level at 3.00, then resistance levels at 3.60 and 3.74
(At each resistance level, be careful with your profits!)
The technical confirmation is closing 2 weeks above 2.45 for a new entry (buy)
Long Term Targets 4.00, 4.30, 4.50, 5.00, 5.30
Note: Stop Loss should be considered below 2.30 - 2.27




