EGX30 will break the previous resistance at 17750 and the historical resistance at 18400 in 2018 because of the repeated devaluations of the currency against the USD
EGX30 will break the previous resistance at 17750 and the historical resistance at 18400 in 2018 because of the repeated devaluations of the currency against the USD
Why did I enter a buy @ 49.13 and why did I put my stop loss @ 47.13
1. On day 19th march the session ended up forming a doji, which is a clear sign that indicates a possible reversal in the trend. The doji forms its own resistance and support areas , which is indicated by its tails. This takes us to the second point,
2. The tail of doji formed a strong support...
As long as it is above 18.021, it will go up to next resistance @ 19.5-19.58.
If you look at previous dates, you will see that it has stabilized above 18.021 several times @ 19Feb23, and @ 24Nov22 and jumped to 20.21 and 19.66 respectively, this means that this area is a strong support zone and may scream Bullish. Days are shorter by an hour in ramadan so the...
FWRY seems to be in the range part during the last 2 days, it needs to stay above 4.95 to be able to go to 5.138 then to 5.38
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Ezz Fadel Steel has a small last rise before the large drop of the strong support area below, as shown in the shaded area, and this will be a large gathering area for a large annual rise later
On the daily intervals it showed a doiji that formed which means that there is buying power that brought price up from support @ 11.493 to to 12.30, the market will start down then will possibly reverse and start increasing hopefully
this is not a trading advice nor a financial one , would love to know what you think
This has been a rough week, but their is hope next week to see a possible recovery in the market. The market dojii candle means that buying power is back and may introduce a reversal pattern in the new couple days. Next week will be risky.
We had quite an impulsive run on EGX30 since summer 2022 with more than 105% gain however, nothing lasts forever :(
We're due for a correction!!
In the light of my elliot wave count, we should anticipate wave 4 to correct anywhere between 11 - 30%. I personally expect a 24% correction to meet the golden ratio (0.618 feb) for the retracement, with an invalidation...
This is not a financial advice only an analysis
COMI is an uptrend as shown in the graph, and after 2 weeks of dropping in price a doji has appeared which may suggest a possible reversal in chart, as well as the CHOCH that you can see
The ascent for Telecom Egypt, I think, is over or nearing completion, with two peaks being made, and from which it will descend to test its historical bottom.
