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The EGX30 Index faced strong selling pressure on Tuesday’s session, plunged (- 4.86%) and closed at the session’s low 26,777 points forming a bearish pattern “Long Black Candle.”
In addition, the sell off was clear on all market indices as the EGX70 EWI lost (-5.06%) and EGX100 EWI Index lost (-5.03%) and most of the stocks broke their profit protection levels with high volumes.
Yesterday the Index broke the short-term protective stop and the last week’s low at 27,750 points and dragged to its lowest level in three weeks.
Worth noting that during the past three weeks we have kept advising short term traders to reduce positions and to close the margin.
Meanwhile, the likelihood of facing more declines remains high as long as the index keeps trading below 30,070 points.
The next support level to watch lies at 26,300 points, followed by 25,000 points.
On the other hand, the first resistance level is 29,000 points.
Accordingly, any rebound will be seen as a chance to reduce positions and close the margin.
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