Commercial International BankThe stock of Commercial International Bank (CIB) on the Egyptian Stock Exchange: please exercise caution. The stock had been rising from September 2022 to its peak in March 2024, where it made a false breakout above the last peak. It then dropped to the channel's lower limit on April 30, 2024, and attempted to rise to form a new peak, but failed. A confirmation of a trend break on the weekly timeframe occurred with a close outside the channel on October 13, 2024. Since then, the price has been outside the channel.
The first negative signal occurred when the small green trend was broken after the price left the channel. Secondly, the price formed a descending red trend, as shown. Thirdly, there is clear divergence in the price movement on the green trend in the smaller time frame (1-hour) with both the MACD and RSI indicators. A strong exit signal occurred on November 14, 2024, when the price hit a strong cluster area, as shown in the chart.
For short-term traders, the target is a decline to a lower low below 76 EGP. We also expect the price to break the correction's bottom at 70.50 EGP. At this point, medium-term investors should consider exiting. A large head-and-shoulders pattern is likely to form, along with harmonic patterns, with initial targets between 52.66 EGP and 52.43 EGP, followed by another target range between 42.23 EGP and 42.90 EGP. It Is my vision , not a recommendation for buying or selling.
