EGX Sell off
Updated
- While technically the market was way too overbought and way too overextend this sell off seems real.
- cheap can get cheaper, so avoiding buying a falling knife is wise option.
- too much panic in the market, so I liquidated all except few.
- monitor stop losses and sell all losers
- cheap can get cheaper, so avoiding buying a falling knife is wise option.
- too much panic in the market, so I liquidated all except few.
- monitor stop losses and sell all losers
Note
EGX30 bellow 25400 is a RISK OFF market. At least for the tickers that moves with EGX30.
So far the market is still considered on an uptrend med/long term.
Note
Market is still considered on an uptrend. Buying dips for good setups is a good idea.
Note
Although EGX30 looks like it wants to chop around for some time before making its move.Note
EGX30 is not rolling over and dying. but it may stay in a range and choppy for some period. in my own estimate, (couple of months)Note
Do not rule out the possibility of another test of the prev low.Trade closed manually
Above 28570 the market is RISK ON.Resistance @ 29000/29700.
Note
First resistance is here @29000.Dont believe anyone who says the market is going to correct.
Market is still bullish. even if it struggles for a bit at 29000.
if you are holding good trades, no reason to let anyone scares you from the trades.
Note
Major Resistance is here. Market came close to my last major level @29700.
Watch your stoploss, just in case the market keeps struggling at this level.
so far looks like indecisive.
Also EGX100 is coming close to a major resistance at 10885.
Hope everyone is doing great.
Note
Its wise to take some profit off the table.Note
Hold and Hope is not a strategy.Sell losers, stay with the ones holding.
Market is still risk on/ risk off bellow 25900.
Trade closed: target reached
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