Daily Suggested Stocks
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.
The EGX30 witnessed a downward move as selling pressure continued in most of the stocks pulling the index back closing on the day’s low confirming the violation of the support level 15350 turning it into resistance. Yet, 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 rades. 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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