EGX70 EWI Index UPDATED on a DAILY timeframe, Short-Term & Medium-Term Outlook, AND Market Structure.

/ English, Expected Moves / By
EGX70EWI DAILY CHART 25 01 2025 MCKVAY April 17, 2025
EGX70 EWI Daily Chart – Comprehensive Technical Diagnosis
Date of Analysis January 25, 2025
Confidence Level 8/10 – Supported by multiple technical signals (market structure, momentum oscillation, and trading volume). Economic and political developments can still exert a potential influence on the index’s performance.
Market Structure The EGX70 EWI is currently trading within a broad sideways range between robust support near 7,962 and resistance around 8,660. This defined range reflects a reduction in selling pressure after a local low (Low) was reached, with signs of a retest of the recent high (Strong High) at 8,660.
Price Action & Volume
  • Horizontal Range: The index has moved sideways between 7,962 and 8,660 in recent weeks, confirming a balance between buyers and sellers.
  • Upside Rebound: We have seen a clear recovery from the 7,960–8,000 zone, where buying pressure helped push the price back toward the upper area.
  • Cumulative Volume (~45.87B EGP over 52 days): Volume tends to increase at approaches to key support or resistance zones, hinting at possible institutional involvement.
Break of Structure (BOS) & CHoCH

Signs of a Break of Structure (BOS) were observed during gradual rallies prior to the recent decline, along with a CHoCH around 8,200 just before the current upward reversal. This points to a shift in market control from short-term selling pressure back to buyers. However, holding above 8,660 remains critical for confirming continued upside momentum.

Momentum The Mckvay Overload indicator is currently reading around 67, which is a relatively positive zone indicating that momentum has recovered from previously oversold levels. Sustaining values above 60–65 could bolster short-term bullish expectations, whereas a drop back below 50 would indicate renewed selling pressure.
Key Support & Resistance
Immediate Support:~8,420 (short-term consolidation area)
Robust Support:~7,962 (the lower boundary of the main range)
Immediate Resistance:~8,660 (upper boundary of the current range)
Next Potential Resistance:~8,800 – 8,900 (if range is decisively broken)
Short-Term & Medium-Term Outlook
  • Short-Term (up to 2 weeks): Mildly bullish if a daily or weekly close above 8,660 materializes; the next potential target is 8,800 if momentum remains strong.
  • Medium-Term (1–3 months): If the breakout fails and the tight range persists, a retest of the 8,000–8,050 area could occur before another upward move. A clear break above 8,660 would reinforce the bullish trend, opening the door to higher targets.
Risk Management Traders are advised to monitor price reactions at support levels (8,420 & 7,962) and use appropriate stop-loss orders beneath the robust support zone. Sudden liquidity or price fluctuations necessitate caution, especially given market volatility and the influence of political or economic news.
Summary & Disclosure The EGX70 EWI is at a pivotal stage within a wide sideways range, with the 8,660 mark acting as an upper limit for a potential bullish move. The current momentum and rising trading volumes suggest the market is eager to break through this level; however, a sustained move above the range is critical to confirm continued upside.

Disclaimer: This analysis is provided for informational purposes only and does not constitute investment advice. Always conduct your own research or consult a certified financial professional before making any investment decisions.
References

Source Links:
– EGX70 EWI on TradingView
– EGX70 Overview on Investing.com

Additional Reading:
– EGX70 on MarketWatch
– Central Bank of Egypt

Disclaimer.

The information and recommendations provided on this platform are for educational and informational purposes only and should not be considered as personalized investment advice or a solicitation to buy or sell any financial instruments.

1. No Guarantee of Profit:
Trading in financial markets involves substantial risk, and there is no guarantee of profit or protection against losses. Past performance is not indicative of future results.

2. Independent Decision-Making:
All investment decisions are your sole responsibility. You are encouraged to perform your own research and consult with a qualified financial advisor before making any trading decisions.

3. Market Risks:
Financial markets are subject to volatility, economic conditions, and unforeseen factors that may impact your investments.

4. No Liability:
Mckvay Consulting will not be held liable for any losses or damages resulting from reliance on the information provided. Use the recommendations at your own risk.

5. Educational Purpose Only:
The recommendations are intended to provide insight into market trends and strategies, not to serve as actionable investment directives.

By using this platform, you acknowledge that you have read and understood this disclaimer and accept the associated risks of trading. Always trade responsibly and within your financial means.

Sources
  1. Bloomberg Terminal
  2. Reuters
  3. Investopedia
  4. Mckvay
  5. MarketWatch
  6. DailyForex
  7. MacroTrends
  8. Trading Economics
  9. Acuity Knowledge Partners
  10. Longforecast.com
  11. Cboe Global Markets
  12. TradingView
  13. Central Bank Websites
  14. World Gold Council
  15. Refinitiv Eikon

Search

Social

WhatsApp

Instagram

Mckvay Consulting

Straight To The Top.

Copyright © 2025 Mckvay. All rights reserved.
Terms And Conditions

Scroll to Top