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The EGX30 Index faced selling pressure on Monday, lost (-0.97%) and closed at the session’s low 29,742 points.
Worth noting that we have previously referred to the formation of a bearish candlestick pattern as a warning signal.
Yesterday’s volumes were relatively high with the decline and the sell off was displayed on all market indices as well as most of the stocks closed at the session’s lows.
The Index is currently facing the support level of 29,600 points, where the buying power will be examined.
However, in case of breaking below the latter level then it would be vulnerable to witness further selling pressure and the next support level will stand at 29,300 points.
On the other hand, the first resistance level to watch lies at 30,100 followed by the key resistance at 30,300 points.
Accordingly, we keep our conservative attitude, and short-term traders are advised to adhere to the protective stop level for each stock.
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