Cairo - Mubasher: Technical analysis indicates that the Egyptian Gulf Bank’s (EG Bank) stock has seen a significant rise recently, moving in an upward trend and forming higher highs and lower lows.
Recent trading recorded a natural correction after the price failed to surpass a key high of EGP 0.31.
Mubasher Research highlighted that the Relative Strength Index (RSI) is declining from overbought territory and is currently near the neutral level, indicating weaker buying pressure compared to the previous rally.
Meanwhile, the price is testing support at EGP 0.30. If it holds below this level, the downward movement is likely to extend towards the EGP 0.285-EGP 0.28 support level.
These levels are expected to be important watch points, as they may witness a decrease in selling pressure and the emergence of buying interest.
In case the price manages to hold these levels and positive signals appear, the EGP 0.29 level is likely to be targeted. If this level is breached, the next target will be EGP 0.30, followed by the EGP 0.31 high.
The stock remains supported at the EGP 0.285-EGP 0.280 level, which is the first important support zone that must be maintained to prevent any declines in the medium term. If the price closes below this support level, the next support will be at EGP 0.27, followed by EGP 0.26.
Price Action Summary
The bank’s stock began trading in January 2025 with a notable rise and increased trading volumes. Starting in February, the price experienced sharp selling pressure that continued until March. The stock successfully rebounded from April to May.
It then experienced some declines until October. Starting in November, the price successfully rose again with a significant increase in trading volumes until December.
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. This 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.
