analysis : MFPC-ABUK-SKPC-RAYA Timeframe: 5 MINUTES OUTLOOK Technical indicators : 1-VWAP 2-ELLIOT WAVES 3-ICHIMOKU
EGX30: Accumulation Phase didn't end yet. $ & Value Stock will lead.
COMI, MFPC, ABUK, ALCN, AMOC, SKPC, BINV, EGCH, & sugar are the main drivers for the fall. Traders' sentiment is to trade in strong balance sheets with solid fixed assets as well as avoiding trading in MYX:REVENUE stocks. EGX30 is heading toward 26,600 points to end this correction or the correction will end as soon as FLOATING the EGP.
Daily chart, the stock SKPC has been trading in an expanding triangle since May 2023, and it is trending upwards - as supported by the positive MACD and RSI indicators. Targets are 32, 34, then 37.7 For daily trader, the stop loss below 28.5 should be considered.