| EGX33 Shariah Daily Chart – Comprehensive Technical Analysis | |||||||||||
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| Date of Analysis | January 25, 2025 | ||||||||||
| Confidence Level | 8/10 – Based on clear technical signals (market structure, momentum, breakout patterns). Nonetheless, macroeconomic factors or policy changes can impact the index significantly. | ||||||||||
| Market Structure | The EGX33 Shariah Index has been in a broad downtrend since October, peaking around the 3,330–3,380 zone and then dipping to a low near 2,946. Over the past few weeks, a noticeable rebound has formed a potential higher low (Higher Low), hinting at a short-term shift toward bullish momentum. | ||||||||||
| Price Action & Volume |
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| BOS & CHoCH | A clear Break of Structure (BOS) was identified around 3,040–3,060, while a Change of Character (CHoCH) above 3,100 marked a transition from selling pressure to buyer dominance. A complete trend reversal depends on a sustained move above the 3,180–3,200 range. | ||||||||||
| Momentum | The Mckvay Overload indicator is currently reading around 31, reflecting a move from oversold territory into a neutral zone. Further gains above 40–50 would validate stronger bullish momentum, whereas a drop below 30 suggests renewed selling pressure. | ||||||||||
| Key Support & Resistance |
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| Outlook |
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| Risk Management | Placing stop-loss orders below ~3,140 for short-term trades or below 3,000 for medium-term positions is advisable. Traders should also monitor macroeconomic indicators and possible policy shifts, as these can rapidly affect market sentiment and liquidity. | ||||||||||
| Summary & Disclosure |
The EGX33 Shariah Index is showing promising signs of recovery from a recent downtrend. Bullish signals, including BOS and CHoCH, point toward a possible trend shift if price remains above 3,180–3,200. A break beyond 3,280–3,333 could support a larger rally toward 3,400. Conversely, dropping below 3,100 would dampen the short-term bullish case. Disclaimer: This analysis is intended for informational purposes and does not constitute financial advice. Always conduct your own due diligence or consult a certified professional before making any trading or investment decisions. | ||||||||||
| References |
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Sources
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