EGX 33 Shariah Index on a 4-hour timeframe, significant price action structures, key support and resistance levels, and momentum analysis.

/ Expected Moves, English / By

January 1, 2025

SHARIAH Chart 112025 Mckvay January 15, 2026
1. Overview
  • This chart represents the EGX 33 Shariah Index on a 4-hour timeframe.
  • It includes significant price action structures, key support and resistance levels, and momentum analysis.
  • The analysis reflects a medium-term corrective phase within a broader bullish structure.
2. Trend Analysis
  • Primary Uptrend: The price followed a strong upward channel with higher highs (HH) and higher lows (HL), reflecting bullish control.
  • Current Corrective Phase: The price broke the trendline and formed lower highs (LH) and lower lows (LL), signaling a medium-term bearish correction.
  • Correction Details: The current decline spans 123 bars (85 days) with a drop of -9.63%.
3. Key Price Zones
  • Resistance Levels:
    • 3,333.77 (High): The recent peak and strong resistance level.
    • 3,306.38 (Premium Zone): Reflects selling pressure, preventing further upward movement.
  • Support Levels:
    • 3,086.38: Current support where the price is attempting to stabilize.
    • 2,540.59: Critical support, a breakdown below this level could lead to significant bearish continuation.
  • Equilibrium Level (~3,160): A balance point for the current range, critical for testing market sentiment.
4. Market Structure
  • BOS (Break of Structure): Multiple points confirming the transition to a bearish structure.
  • CHoCH (Change of Character): Indicates a shift from the bullish trend to the current bearish phase.
5. Momentum Analysis
  • Indicator: The oscillator is in oversold territory (~18.5), suggesting a potential stabilization phase.
  • Momentum Trendline: A descending trendline aligns with the price action, indicating persistent bearish pressure.
6. Volume Insights
  • Declining Volume: Indicates reduced selling pressure during the correction, often a sign of consolidation or exhaustion.
7. Outlook
  • Bullish Case: Holding above 3,086.38 and reclaiming 3,160 could lead to a recovery toward the premium zone (~3,306.38).
  • Bearish Case: A breakdown below 3,086.38 could test 2,540.59, with further declines likely if this level fails to hold.
Conclusion: The index is at a critical support level (~3,086.38). Stabilization and reclaiming equilibrium (~3,160) are essential for recovery, while failure to hold above key supports could lead to significant bearish continuation.

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