Will ETRS cross the Resistance and see the 6 level?30-min chart, the stock is trading in a tough zone; there are 2 strong Resistance levels 4.84 and 5.19
So, be careful with this stock; as it flips quickly!
Closing and trading 3 candlesticks above 5.21 will activate the target of 6.04, then 6.20
Stop loss below 4.68 - should be considered.
Egypt
ATLAS (AIFI) should target 0.875 after stabilizing above 0.545Weekly chart, the stock is trading in the rising channel, and should cross the Pennant pattern Resistance at around 0.543
Stabilizing above 0.545 for one week with high volume, will push the price to target 0.875
Stop loss (SL) line should be considered for the rising stop loss level.
ACAP is preparing to cross the Resistance line RDaily chart, the stock is trying to beat the Resistance line R.
Some correction may happen between 0.618 - 0.600 and rebound afterwards to test the Resistance line R.
Above Resistance line R (crossing at around 0.670), the target will be 0.770 then 0.920
Stop loss below 0.600 should be considered.
ElSwedy Electric (SWDY) should target 38 then 50 and 55Daily chart, the stock is trading in a rising widening wedge, and has a tendency to cross the long term Resistance line (RL) at around 32.7, then the target will be 38.
Above the resistance line R1, the target will be 50 - (then 55 on the weekly time-frame)
EHDR should target 0.450, then 0.625Weekly chart, the stock is trading in a falling expanding triangle, with a tendency to cross the resistance line.
After crossing at around 0.430, the target will be 0.530, then zigzag upwards up to 0.903 passing through the shown resistance levels.
Technical indicators RSI and MACD are positive.
Egyptian Poultry should target 7.05, (then 8.90 after crossing)Daily chart, the stock (EPCO) is trading in a rising wedge, and the technical indicators RSI and MACD are reflecting a tendency to complete upwards to the resistance line (blue) - around 7.05
After crossing the resistance line up, the target will be 8.90 extending to 9.05
A Painful Q2 for EGX?We had quite an impulsive run on EGX30 since summer 2022 with more than 105% gain however, nothing lasts forever :(
We're due for a correction!!
In the light of my elliot wave count, we should anticipate wave 4 to correct anywhere between 11 - 30%. I personally expect a 24% correction to meet the golden ratio (0.618 feb) for the retracement, with an invalidation below 12700.
Generally, wave 4 is where everyone gets frustrated and we can easily see this happening with the current overall sentiment in Egypt hitting seriously low levels while inflation skyrockets and fears of further devaluation of the EGP builds up.
This won't last long however. If my forecasts were correct, we should be over by May or June, and those who kept their patience and built positions during the correction will profit without a doubt.
Let's see where we will go :)