EGX30 EXPECTED MOVE
Published By Mohamed Elhusseini.
As of November 19, 2024, the technical analysis for the EGX 30 Index indicates a strong sell signal.
Key Indicators:
• MACD (12,26): With a value of -170.59, the MACD indicates a downward momentum.
• Moving Averages: All monitored periods (5, 10, 20, 50, 100, and 200) show sell signals, reinforcing the bearish outlook.
• Average Directional Index (ADX): At 63.243, the ADX reflects a strong prevailing trend.
• Relative Strength Index (RSI): At 22.857, the RSI suggests the index is in an oversold condition.
These indicators collectively point to a bearish sentiment for the EGX 30 Index as of the specified date.
What We Expect?
First Scenario:
The index is expected to decline to approximately 30,139 points before rebounding, with an initial target of 31,816 points. This suggests a continued upward trend over the next two months.
Second Scenario:
• If the index breaks below 30,100 points, it will enter a danger zone ⚠️.
• an exit point would be at 29,800 points.
• Should this level also be breached, the index is likely to drop further to around 29,340 points, where it would test the neckline of the pattern before experiencing a sharp decline.
Note: Both scenarios highlight critical thresholds and require close monitoring of market movements to align strategies accordingly !
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Sources
Routers, EGX.com.eg, mubasher.info
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