Cairo – Mubasher: The stock of Iron and Steel for Mines and Quarries experienced a sharp decline after reaching its all-time high near EGP 8.10 in February 2026, but the overall trend remains bullish.
Mubasher Research indicated that the stock has maintained a significant support level at EGP 7.25, contributing to a gradual rebound towards the next resistance levels around EGP 7.46.
A close above this level supports the potential for an upward move towards EGP 7.65-7.70, while a break above this level could propel the price towards EGP 7.80-7.90, potentially reaching the all-time high of EGP 8.10.
The Relative Strength Index (RSI) indicates a relative equilibrium at a neutral level, reflecting the likelihood of continued upward momentum, while monitoring current resistance levels.
Price Action Summary
The Iron and Steel Mining and Quarrying stock witnessed a notable positive performance during the first quarter (Q1) of 2025, with the price rising from EGP 3.65 to approximately EGP 6.50, driven by strong buying momentum and improved investor sentiment.
However, the stock was later subjected to a sharp price correction wave that extended until June as part of profit-taking operations after the strong gains it had achieved.
With the beginning of July, the stock succeeded in restoring the upward trend, continuing to achieve gradual gains until March 2026, enabling it to record a new historical peak near the 8.10 level.
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.
