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The EGX30 Index closed Wednesday on rise (0.37%) at the session’s high 30,876 points, while the EGX70 EWI Index lost (-1.08%) and closed at its lowest level in two weeks.
Yesterday the Index managed to maintain above the short-term protective stop at the support level of 30,600 points however volumes were relatively low so far.
Meanwhile, the Index keeps trading within its sideways range, between the support level of 30,580 points and the resistance level of 31,050 points during the past two weeks.
Hence, a successful break above 31,050 points would pave the way to resume the upward move and targets the next resistance level at 31,360 followed by 31,800 points.
On the other hand, the next support level to watch in case of witnessing further retreat is 30,300 points.
Accordingly, short term traders are advised to hold and adhere to the protective stop level for each stock.
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