Cairo – Mubasher: The Egyptian Exchange is likely to target the mark of 8,200 during the mid-week trading session and to swing from a sideways to upward performance on the short term, analysts told Mubasher.
The main index EGX30 ticked yesterday a minor resistance level at 8,315 points before falling to 8,270 on average trading volume, according to MubasherTrade Research's (MTR) technical note.
"Another down leg towards 8,220 - 8,200 is likely to take place during the coming session, before rising one more time. In the short term, the index is about to visit 8,460", the technical note revealed.
Investors are advised to adopt fast trading and to take profit partially as long as the main gauge moves below the mark of 8,460 points, said MTR.
Market analyst at EGS Brokers Hoda El Menshawy assured that the 8,280-315 area is the index's bottleneck at the current stage, which could lead the EGX30 to test the mark of 8,352 and 8,389 later.
In case the EGX30 failed to hold above this area, the volatile performance is forecast to extend between 8,025 points and 8,477 points on the short term, the analyst concluded.
Cairo bourse closed Monday in the green zone amid foreign investors' buying and the announcement made by EGX administration about the forthcoming trading of Misr Fertilizers Production Company – Mopco.
The EGX30 went up 0.36% or 29.6 points to close at 8,270.76 points.
