Weekly, 2 days, and daily timeframes are still uptrending. Unfortunately, there are some hiccups on lower timeframe. The five minute timeframe suggests that we are consolidating below red kumo.
Analysis is based on Ichimoku, and Elliot waves. Confirmation is done by other indicators such as MACD, stochastic RSI, OBV, and RedK Everex.
Watch the video idea to have...
the rule of thumb in the EGX30 ... buy on RUMOURS, and sell on the NEWS.
Rumors started on Jan 31st, Ras Hikma project is worth 45Bn USD, and Emiraties areIN.
Yesterday, the Rumors became solid fact, Egypt prime minister announced the signing of the contractual agreement live on national television.
The deal is worth 35Bn USD.
The USD/EGPp on investing.com...
MAKE IT OT BREAK IT ...
FVG @81.8-82.1EGP is the breaking point to go long or short
FOREX IS A VIRTUE
COMI is THE key driver for EGX30, its weight is almost 30%, followed by the Fertilizers sector (MFPC & ABUK).
When COMI outbreaks, Ferts are SHY.
CIB ending correction with one green Bar on a daily timeframe.
Target setting on 1 hour timeframe
Market entry on 5 minutes timeframe
Suggested Buy position @ 79 EGP
Stop Loss @ 78 EGP
Take profit @ 84.5EGP
Disclaimer:
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or...
Technical Analysis for intraday 5/2/24
Correction & Plateau; KUMo formation is very thin.
conservative outlook with 2% gain.
volume 5M below average 8M
Overall COMI is still uptrending, and trading above trend mid point.
Seizing intraday opportunity based on Smart Money Integrated with Ichimoku Kinko Hyo + FVG.
The narrative is channeled toward Arabic speakers trading in CASE.
Disclaimer: My analysis is not an investment proposal; Please consult your Investment Advisor and/or your Wealth Manager for your investment decisions.
Weekly chart, the stock is forming a parabolic pattern, to target 100 after crossing 87
BE CAREFUL: Stop loss level should be raised at every up movement.
DOOOOM
LONG term...
support and resistance lines..
horizontal lines are Support/Resistance .
Vertical lines are time pivots .
Appreciate your Comments.
GL
the Commercial International Bank (COMI) is leading the EGX 30 with weight of 26.21% to a historical high points that was not been reached before. We can see from the chart that still having a potential rally after breaking the level of 58. However, the volumes is low and the rally to the uptrend is not as sharp as before. It is moving in an uptrend channel, not...
