ELSH (El Shams Housing & Urbanization) – Symmetrical Triangle Br📈 AMOC (Alexandria Mineral Oils Company) – Bullish Breakout Ahead? 🚀**
🔎 **Technical Analysis (1D Chart):**
AMOC has been trading in a long-term downtrend but is now showing signs of a potential reversal. The price action has formed what appears to be an **inverse head and shoulders pattern**, which is a strong bullish reversal signal when confirmed with a breakout.
- **Inverse Head and Shoulders:** The formation is visible with three distinct lows, suggesting a possible trend reversal.
- **Descending Trendline Resistance:** The stock has been respecting a major downward trendline. A breakout above this level could lead to a strong upside move.
- **Moving Averages:** The price is hovering around the short-term moving averages. A bullish crossover between the moving averages could act as further confirmation of upward momentum.
- **MACD Bullish Divergence:** The MACD indicator is showing a rising trend while the price has been forming lower lows, indicating weakening bearish momentum and potential bullish strength.
- **RSI Near Key Levels:** The RSI is moving around neutral levels, suggesting that the stock has room to rally if buyers step in.
🔑 **Key Levels to Watch:**
- **Immediate Resistance:** **7.85 - 7.86 EGP** (needs to break for confirmation)
- **Support Levels:** **6.97 EGP** (holding above this is crucial)
- **Breakout Target:** **9+ EGP** (based on the pattern projection)
📊 **Market Sentiment:**
Volume has started to pick up, which is a positive sign, but a clear breakout above resistance is needed to confirm a sustained move higher. If buyers step in with strong volume, AMOC could see a trend reversal and a push towards higher price levels.
⚠️ **Risk Management & Disclaimer:**
This is **NOT financial advice**. Always conduct your own research and apply proper risk management before making any trading decisions. Markets are unpredictable, and technical patterns are not guaranteed to play out as expected. Stay cautious and trade responsibly!
🔥 **What’s Next?**
A daily close above the resistance level could signal the beginning of a new bullish trend. If the stock fails to break out, it may consolidate or retest support before attempting another move. Keep an eye on volume and confirmation signals before entering any trade.
📢 **What do you think? Will AMOC break out soon? Share your thoughts below!** 👇
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