Is The Market Ready to Bounce?- EGX100 is down around 27% from its high.
- Today it hit a very important level, the 200 day MA which was tested before on March 2023, and also if we measure the fib level, we find that it retraced to a 50% level.
- This also occurs while EGX30 hitting its 200 day MA as well.
- Now we can never
EGX100 RISK OFF?- Market keeps rejecting 10800 level. and sellers seem to be taking control.
- A lot of stocks already into bearish setups.
- Noone can ever predict the price accurately all the time so Im going to keep it simple.
* Bellow 9800 market is a risk off. with a handful of tickers can hold their levels
Can the index EGX100 escape a bearish double top pattern?Daily chart,
Index EGX100 needs some correction, and probably will rebound from 7550 - 7500, to re-test the resistance line.
Below 7409 will form a bearish double top pattern, leading to 6865, which is below the support line #1 !
Just be careful!
EGX100EGX100 test two support level at 2614.774 and 2681.773 in the last 7 weeks but as seen the price rebound 2765.140 making a move towards retracement.
we may reach 2944.187 as a first target then the 3156.352 after expected correction from Fibo 0.5.
AS EGX will get soon some new IPO after the pres
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Displays a symbol's price movements over previous years to identify recurring trends.