EGX70EWI trade ideas
comparative analysis of the EGX30 & EGX70EWI 11-6-24Both indicators have exhibited typical performance patterns. After experiencing a series of 9 and 11 consecutive downtrending days, respectively, both indicators concluded their declines with the formation of a doji candlestick, signaling potential reversal or indecision. The short-term downtrend spanning 9 days has effectively ended for both indices. However, crossing the established trendline poses a significant challenge.
Currently, both indices are situated at the lower boundary of their linear regression channels. Additionally, the Chikou Span for both indices lacks clear momentum, suggesting that price movements are likely to encounter substantial resistance in the near term.
Given this analysis, it is plausible that the indices may enter a phase of consolidation or treadless behavior in the short term. For tomorrow and the day after, the outlook remains cautious. Monitoring for confirmation through additional technical indicators or bullish reversal patterns will be essential to gauge any potential upward movement.
intro to Ichimoku Kinko Hyo (Arabic Narrative)Novice / Beginner intro to Ichimoku Kinko Hyo technique.
for a succesfull trades, kindly note that the following 3 conditions must be present:
1- your entry point is always above green kumo
2- Bullish TK cross occured above the green Kumo
3- Chiko span is above TK
we never trade in the Kumo.
it's not recommended to trade below the Kumo, and even Bullish TK cross occured in and/or below the kumo
Good luck :-)
M
Will the Index EGX70 cool down?Weekly chart,
EGX70 index has reached the upper long term resistance line, and has a very over-bought RSI.
I am thinking of 2 scenarios:
1. Some correction (around 4900), flat correction, then rebound to cross resistance up.
2. Deeper correction to support 2, then rebound, then rebound to cross resistance up.
Note: As the Egyptian pound is getting a devaluation, the stocks prices are expected to ramp up. Then, the index should reflect that.
EGX70EGX70 witnesses an healthy correction short-term move, and that after creating a new peak that lies at 3764 point. And on last Thursday, the EGX70 closed above the level 3450 point which constitutes the 38.2% of Fibonacci retracement level, then the breaking of that level to downside, will lead to targeting the level 3350 point, which constitutes the 50% of Fibonacci retracement level.
Then this correction will consider as a buying chance with the first rebound from either of these two mentioned levels.
The stop loss will trigger under level 3250 point.
EGX 70
EGX will get soon some new IPO after the pressure of the interest rate hike of the CBE to control inflation.
The monthly core inflation, computed by the CBE, recorded 2.4% in April 2022, down from 3.1% in March 2022, and 0.7% in April 2021.
Accordingly, the annual core inflation increased in April 2022, compared to 10.1% in March 2022.
The current interest rate:
Actual: 11.25
Previous: 9.25
lowest: 8.25
A devaluation in the Egyptian Pound and the Fed hikes make a large immigration of investment capital during the past three months.
but the ability of market recovery still exist but it will take time.
EGX 70 updatesEGX 70 supports as follows:-
1- Moving support red line (in case of rebound from this line Targets will be @ 2480 and 2800 as shown)
2- in case of breaking down the moving support line - another support - the dash red-line @1930 (Targets will be previous top then double bottom target)
Dr. Tarek Gadallah
EGX70 Quick look 22 Oct 2021Support @ the rebound point 2290
Resistance @ 2805
The movement next week could be side movement between support @ resistance
Re-test 2290 again and rebound confirm market bottom
Breaking 2290 means that, the correction didn't complete.
On the other hand , breaking 2805 within few weeks can change the trend to up-trend.
Dr. Tarek Gadallah
