Gann Analysis of Housing & Development Bank (HDBK)
1. Key Gann Levels**
The chart utilizes Gann angles and horizontal price divisions derived from **square of 9**. These levels represent **critical supports and resistances**:
| **Gann Angle** | **Price Level (EGP)** | **Significance** |
|----------------|-----------------------|---------------------------------------------|
| **1080°** | **75.21** | Major resistance at the upper zone. |
| **990°** | **66.79** | Strong resistance; previous price rejection.|
| **900°** | **58.86** | Significant resistance; near a prior top. |
| **810°** | **51.44** | Price is trading slightly above this level. |
| **720°** | **44.52** | Strong support; historical breakout zone. |
| **630°** | **38.10** | Key support; acted as a consolidation area. |
| **540°** | **32.17** | Psychological support level. |
| **450°** | **26.75** | Lower strong support; previous accumulation.|
| **360°** | **21.83** | Important support; breakout level in 2023. |
| **270°** | **17.41** | Secondary support from earlier trend. |
| **180°** | **13.49** | Significant base support. |
| **90°** | **10.06** | Long-term low zone support. |
| **0°** | **7.14** | All-time bottom support. |
---
2. Current Price Behavior**
- **Current Price:** **53.88 EGP**
- **Position:**
- Price is holding **above 810° (51.44 EGP)**, a significant level.
- The next resistance level is **900° (58.86 EGP)**.
- **Trend Analysis:**
- **Strong bullish trend** from 2022 to mid-2023, followed by a **consolidation phase**.
- The price has maintained higher lows, indicating continued bullish momentum.
---
3. Key Observations**
1. **Support & Resistance Zones:**
- **Immediate support:** **810° (51.44)**.
- **Immediate resistance:** **900° (58.86)**.
- **Breakout Level:** If price surpasses **58.86**, it can rally towards **66.79 (990°)**.
2. **Long-Term Trend:**
- The long-term trend remains **upward**, with pullbacks respecting Gann levels as dynamic supports.
3. **Accumulation and Strength Zones:**
- The **720° (44.52 EGP)** zone shows strong historical support and accumulation.
- Maintaining above this level indicates continued bullish strength.
---
4. Scenarios**
#### **Bullish Scenario:**
- **Condition:** Price breaks and holds above **58.86 (900°)**.
- **Target Levels:**
- **66.79 EGP (990°)**
- **75.21 EGP (1080°)**
#### **Bearish Scenario:**
- **Condition:** Price breaks below **51.44 EGP (810°)**.
- **Target Levels:**
- **44.52 EGP (720°)**
- **38.10 EGP (630°)**
---
5. Summary**
- The current price of **53.88 EGP** is showing stability above the **810° (51.44 EGP)** level.
- Watch for a breakout above **58.86 EGP** for further bullish momentum.
- A failure to hold above **51.44 EGP** could trigger a decline toward **44.52 EGP**.
Your comments are appreciated!
Wish you best of luck
