A bullish crossover would add confirmation.1. Chart Pattern Analysis:**
- The chart shows a **symmetrical triangle** formation, which is a **neutral pattern** that can break in either direction.
- The price is near the **apex of the triangle**, meaning a breakout is imminent.
- **Bullish Breakout Confirmation:** The latest candle appears to be attempting a breakout above the upper trendline.
#### **2. Support & Resistance Levels:**
- **Resistance Levels:**
- **8.41 EGP (current price level)**
- **8.51 - 8.60 EGP** (previous consolidation area)
- **9.05 EGP** (potential target after breakout)
- **Support Levels:**
- **8.22 EGP** (nearby support)
- **8.11 - 8.05 EGP** (critical support)
- If the price falls below **8.00 EGP**, the pattern may fail and lead to a downtrend.
#### **3. Volume & Momentum Indicators:**
- **Volume (2.69M)**:
- A significant increase in volume is needed to confirm a breakout.
- If volume remains low, the price might retest support.
- **RSI (Relative Strength Index):**
- RSI is trending upwards but not yet in the overbought zone.
- If it crosses above **70**, it would confirm strong bullish momentum.
- **MACD (Moving Average Convergence Divergence):**
- The MACD is **slightly positive**, signalling potential bullish momentum.
- A bullish crossover would add confirmation.
#### **4. Potential Future Scenarios:**
- **Bullish Case (Breakout Above 8.51 EGP)**
- If the price breaks and sustains above **8.51 EGP**, it may target **9.05 EGP** and beyond.
- Increased volume would strengthen the breakout signal.
- **Bearish Case (Failure at Resistance)**
- If the price fails to break and closes below **8.00 EGP**, it could drop towards **7.80-7.50 EGP**.
- A breakdown below **8.00 EGP** invalidates the bullish case.
### **Conclusion & Trading Plan:**
- **Watch for a breakout confirmation above 8.51 EGP** with high volume.
- **Stop-loss below 8.00 EGP** to protect against a false breakout.
- **Upside Target:** 9.05 EGP and higher if momentum continues.
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