EGX30 trade ideas
EGX30 | BRICS RoadMapEgypt Joins the BRICS New Development Bank
the NDB finances infrastructure and sustainable development projects in areas such as energy, transportation, water, communications, and health.
"Since 2016, the Bank has invested in multiple projects, including US$7.2 billion in India alone," RT reported, recalling that Egypt expressed an interest in becoming an NDB member in July.
"BRICS is working to develop its own financial infrastructure, including a joint payment network, with some member states having already switched to trade in local currencies in order to reduce dependence on the U.S. dollar and euro," it added.
Currently, Egyptian President Al Sissi is in Saudi Arabia participating in the summit of Arab countries with China, the nation with the largest economy among the BRICS.
Egyptian Finance Minister Mohamed Maait affirmed his country's enthusiasm for enhancing cooperation with international development partners, especially in light of the "unprecedented development movement" he is witnessing in Cairo.
Previously, the Chinese Foreign Affairs Ministry has noted that Argentina, Algeria, Iran, Indonesia, Turkey and Saudi Arabia are also interested in joining the BRICS bloc.
IS a rally has Begin?EGX30 success to breakout some Fibo retracement level in a short term correction. and breakout a downtrend at 9815.382 in the last session.
by that moves a rally with some challenges can begin: A strong resistance at 10297.455 based on a retracement and a base level. may need to get support from the 9898.130 at Fibo 0.236
on the way to 11169.66 they will be some consolidation and profit gaining can but it under a pressure to go side way for a period of time.
EGX 30wait price action at blue zone to buy
this zone is very strong due to share zone between
Two Harmonic Pattern
yellow Butterfly (weekly scale**
Green Crab ((daily scale**
((9240.122----9106.719**
with stop loss closing under 9050
in this case we will wait at last zone between ((8563.441---8346.383**
with stop loss closing under 8300
EGX30 11715 is a key point that can be a support to push up the EGX30 toward 12400, if this level breaks we can see next support level 11400 and 11120
keep watching tomorrow if level resist you can go for long
keep in mind that COMI (CIB bank) now may go down to 50 levels and this will give pressure on EGYX30
EGX 30 study and how i think it will continue these next days EGX 30 showing strong downtrend momentum based on simple follow back on it's short period history
-look at the pervious uptrend
-look at how similar to the pervious uptrend and how it ended
-know how to play it.
this is my prediction and not a financial advice
Egx30 update, downtrending todayA true breakout today by indicated candlestick with a bigger volume ,
an indicated downtrending channel has been created and lower channel line represents the line of downtrend target ,
if reversal to occur , it must break upward by a bigger volume higher than 11240 level