- EGX100 is down around 27% from its high.
- Today it hit a very important level, the 200 day MA which was tested before on March 2023, and also if we measure the fib level, we find that it retraced to a 50% level.
- This also occurs while EGX30 hitting its 200 day MA as well.
- Now we can never know for sure if this bottom or not, but we can be prepared for...
- Market keeps rejecting 10800 level. and sellers seem to be taking control.
- A lot of stocks already into bearish setups.
- Noone can ever predict the price accurately all the time so Im going to keep it simple.
* Bellow 9800 market is a risk off. with a handful of tickers can hold their levels.
* wait for bullish reversal confirmation before entering any...
Daily chart,
Index EGX100 needs some correction, and probably will rebound from 7550 - 7500, to re-test the resistance line.
Below 7409 will form a bearish double top pattern, leading to 6865, which is below the support line #1 !
Just be careful!
EGX100 test two support level at 2614.774 and 2681.773 in the last 7 weeks but as seen the price rebound 2765.140 making a move towards retracement.
we may reach 2944.187 as a first target then the 3156.352 after expected correction from Fibo 0.5.
AS EGX will get soon some new IPO after the pressure of the interest rate hike of the CBE to control...
