EGX30
EGX: Bearish Market SentimentsThe shadow of RAS Hikma transaction on the construction sector was superb; however, process industries sector, and USD-base revenue companies lead the sharp fall.
3-4 days to recover based on ghosting the Bars pattern.
in the mean time, FLOATING is the QUEEN.
FORTY EIGHT is the jack of all spades.
words of wisdom: he is no fool who gave up what he cant afford to keep to gain what he can never imagine to lose.
Ras Hikma impact on EGX30the rule of thumb in the EGX30 ... buy on RUMOURS, and sell on the NEWS.
Rumors started on Jan 31st, Ras Hikma project is worth 45Bn USD, and Emiraties areIN.
Yesterday, the Rumors became solid fact, Egypt prime minister announced the signing of the contractual agreement live on national television.
The deal is worth 35Bn USD.
The USD/EGPp on investing.com dropped almost 19%.
However, the market sentiment is the key success factor for every single stock.
A repeat scenario of January 31st probabilities are above average.
Special Message from EGX 30 to COMI & MFPC :"Laissez-moi danser"Special Message from EGX 30 to COMI & MFPC:"Laissez-moi danser , chanter ... laissez moi "
Bullish TK-Cross on daily Timeframe
looking forward to reach 29,300 .. Turning point to start dancing Monday & Tuesday.
1.16% point will make Wednesday a brighter day.
Thank you Dalida, je vais dancer Monday.
CIB ending correction CIB ending correction with one green Bar on a daily timeframe.
Target setting on 1 hour timeframe
Market entry on 5 minutes timeframe
Suggested Buy position @ 79 EGP
Stop Loss @ 78 EGP
Take profit @ 84.5EGP
Disclaimer:
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations. it is just for education purpose.
EGX30 heading for a fallCOMI, MFPC, ABUK, ALCN, AMOC, SKPC, BINV, EGCH, & sugar are the main drivers for the fall.
Traders' sentiment is to trade in strong balance sheets with solid fixed assets as well as avoiding trading in MYX:REVENUE stocks.
EGX30 is heading toward 26,600 points to end this correction or the correction will end as soon as FLOATING the EGP.
consolidating 4//2/24still consolidating... Defensive industries are the sole Winners such as Pharmaceuticals, Real State development, and/or food.
Losers are USD hedge , High Net Debt absolute vlaue, and/or High YoY debt growth companies.
Basically its a defensive bullish market with strong Fixed Asset in Balance Sheet .
EGX30 to target 29545 after crossing Resistance30-min chart, the index has formed a falling wedge, and should target the Resistance line (R) at around 28125. After crossing it, the target will be 28850 extending to 29545
Technical indicator RSI is positive.
Below Support line (S) should be a stop loss.