Cairo – Mubasher: The stock of Misr National Steel (Ataqa) has been under selling pressure in recent sessions, but the price is showing signs of a rebound, supported by a noticeable improvement in trading volumes, reflecting increased buying momentum in the short term.
The stock is currently trading near a price gap around EGP 8.36. A break above this level would be a positive signal, supporting the possibility of a continued rebound towards the EGP 8.50-EGP 8.63 range. A break above this level would push the price towards EGP 8.80.
Conversely, the EGP 8.10 level represents significant support. Holding below this level could reduce the likelihood of a short-term rebound and pave the way for additional declines towards EGP 8.00.
The Relative Strength Index (RSI) shows a clear improvement in buying momentum, having successfully broken through its previous high and rebounded from oversold territory. This reinforces the positive scenario for the stock's movement in the coming sessions, provided it closes above the aforementioned level.
Ataka stock began 2025 with a remarkable rise in January, and from February onward, it experienced positive price behavior and increased trading volumes as it entered a major upward trend, reaching a historical peak of EGP 12.40 in June.
Then the price entered a sideways range that lasted from July until December, and then the price was exposed to sharp selling pressures in January of 2026 until March.
Disclaimer:
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. The content is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
