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Daily Suggested Stocks

 Market Commentary15-02-2018

The EGX30 continued down reaching the support level 14650 where rebounding process took place pushing the index up higher closing slightly above the resistance level 14780 which still needs confirmation due to lack of trading volumes which raise doubts about the rally consistency keeping risk elevated.



Recent closed trades are advise to stay on cash till a confirmed reentry signal is clear, while held ones should keep protective stops placed and respected to stay protected against any further setbacks.


 Market Commentary

The EGX30 witnessed another upward move reaching the resistance level 15350 trading above before selling pressure takes place pulling the index back but remained above. Yet, another day close above is still needed to confirm the breakout.

Our outlook is the same, coming target 15700 is expected to be reached where as we said, we may use to continue trading on but current decline will likely reach the mentioned support before.
Buying near supports is recommended but we should keep protective stops placed and respected to protect our trades. On the other side, held positions are advised to move their protective stops higher as the market rallies to protect profits.

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