COMI in rally leading the EGX 30the Commercial International Bank (COMI) is leading the EGX 30 with weight of 26.21% to a historical high points that was not been reached before. We can see from the chart that still having a potential rally after breaking the level of 58. However, the volumes is low and the rally to the uptrend is not as sharp as before. It is moving in an uptrend channel, not that perfect, but giving a close view in the short term.
It is expected to continue in it's direction reaching new levels around 75.
on the other hand, if the stock returned below the 58, it will fall dramatically to the next level around 47.5, and may continue to 40.
According to the economical data and the current situation in the region, specially the war in Gaza, we can not say that or predict the time that we can say that the EGX30 reached it's peak, so I recommend the investors to keep in consideration the risk ratio and distribute the portfolio on several stocks with a suitable risk management.
CSAG to target 42.3 (under condition)CSAG
on the 30-min chart, should cross 34.5 with high volume to target 42.3
The stop loss line should be monitored and considered.
Note: Technical indicator RSI is showing over-bought signals.
Note: This stock has had a big rally, and correction should happen. Profit protection should be considered.
Next cyclesupport and resistance lines.. horizontal lines are Support/Resistance . Vertical lines are time pivots . Appreciate your Comments. GL Gann fans .