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The EGX30 Index was exposed to some selling pressures yesterday, closing the session 0.49% lower to 14,357 points. However, the Index is still maintaining itself above the predefined support area extending from 14,280 to 14,180 (see the two dotted green lines).
Despite the flat movement which has been taken place over the last five consecutive sessions, our Trend-Following system is still in a buying mode, as the short Moving Average (the red-dotted curve) is above the long Moving Average (the blue-dotted curve).
As long as the index keeps moving above the later area, it will confirm the market’s positive breakout that has been taken place recently. Moreover, it will increase the likelihood of another upward attempt to violate the resistance level of 14,540 points.
Short-term players are advised to realize some profits from trades attained its target gains.
Meanwhile, those who would like to hold may place their stop just below the aforementioned support of 14,180 points as a break below the latter level would pull the market to 14,050-13,800 area.
We reiterate that in case of a confirmed break above our resistance level of 14,540, the road would be paved for a further upward move towards 15,000- 15,300 points.
August ,22 2019Grand Investment Capital (GRCA.CA) Minutes of the Board of Directors' Meeting
August ,22 2019Release from EGX 30 INDEX ETF (EGX30ETF) Concerning the Financial Statements
August ,22 2019EGX launches "EGX 30 TR" Index
August ,22 2019Egypt for Poultry (EPCO.CA) Reports 6 Months Consolidated Results
August ,22 2019El Obour Real Estate Investment (OBRI.CA) Reports 6 Months Results
August ,22 2019EGX 30 INDEX ETF (EGX30ETF) - Board of Directors' Decisions
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