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EGX 30 Index

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EGX30 trade ideas

EGX30 | 10840: break or rebound !The main Egyptian stock index “egx30” is currently testing the resistance level at 10,840 points. Breaching the previous resistance levels and the upper boundary of the descending channel is necessary for the continuation of the rise to 12000 points. There is another chance in case the previous breach fails, which is to go back again to 10,000 points and form a possible inverse head and shoulders pattern. On the other hand, the rebound from the upper boundary of the descending channel supports the decline to 9000 points, which is considered to be touching the major uptrend line since 2011. And more if it is broken! See the following chart.
EGX:EGX30
by AhmedHassanien
-1EGX30@15.2K OPEN SHORT (15.2K-11.0K) PL: +4.2K(+28%)Short position is still open from March 2019. EGX symbols are pretty interesting to study, the lack of HFT firms is probably the main reason for the perfect alignment with the symbol's fundamental health. The mega industrial boom generated massive investors interest during the past 4-5 years, followed by the COVID crises, EGX suffered major damage however, our short position was already open at Mar 2019 on an acute divergence of all differential oscillators, targets were set to 11K-9K, however, recent events made things a little bit more interesting. Price should hover over the 10K mark for a while, we expect another leg down (9K-7K) before any move upwards, hopefully we don't see a new minimum. It makes me always wonder weather fundamentals draw the charts, or do charts actually predict fundamentals.. Happy Trading!
EGX:EGX30Short
by duot
2