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The EGX30 Index continued to rebound for the second consecutive session and closed Wednesday at the session’s high 29,389 points.
The index is currently targeting the resistance level of 29,600 points.it represents 61.8 % Fibonacci retracements (i.e., from “B” to “C”) compared with the previous downward move (i.e., from “A” to “B”) where the buying power would be examined.
Should the Index managed to break the latter level this would increase the chance of resuming further upward correction.
On the other hand, the first minor support level is 29,000 points followed by 28,350 points.
We keep our conservative attitude; and any rebound is perceived as a temporary upward correction. Short-term traders are advised to reduce positions at the rallies until a consistent buying power reappears.
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