As per the Egyptian Financial Supervisory Authority's regulations and as part of our commitment to providing higher levels of security, Pharos now offers clients security tokens for a specific fee and cost.
The EGX30 Index examined the resistance level 32,500 points for the third consecutive session yet the buying power didn’t manage to break, and the Index plunged (-1.38%) closing at the session’s low 31,840 points.
Yesterday, volumes were significantly high with a decline from an important resistance level, which is a bearish signal.
Should the selling pressure persist and break below yesterday’s low 31,840 this would indicate further correction towards 31,650 and 31,450 points, which represent 50.0% and 61.8 % Fibonacci retracements respectively compared with the previous upward move.
It is worth noting that we have adopted a conservative stance during the last two sessions and advised our short-term investors to reduce marginal exposures and tail the protective stop below the last two session’s low.
On the other hand, the first resistance level is 32,200 followed by 32,500 points, and the weekly closure above is recommended to consider a confirmed breakout.
According to the clear performance variation among the stocks, we advise our investors to deal with each stock separately.
16665