Friday, October 20, 2017

Post:0030 EGX 100 INDEX Egyptian stock market , October 22, 2017

Trend is up for the short & intermediate term.

Short term trend channel where applied and indicates that the index value reaches/touches the upper boundary (resistance line) of the channel & started declining from there.

reliable indicators show an extremely overbought condition on longer term approach (weakness signals).

Resistance levels at 1775.63 , 1788.91 , 1827.29 , 1888.59

Index value need to breakthrough the resistance level "1827.29" upwards to continue the uptrend.

But if the index value breakthrough the upper boundary of the channel upwards; it will be an exhaustion phase "also called the melting up phase (as a comparison; imagine a rocket fuses during its rise !!).

Support levels at 1723.47 , 1630.17 , 1543.45

First weakness signal if value breakthrough the lower boundary (trend line) downwards.

Downtrend will be confirmed if value breakthrough the support level "1543.45" downwards.

No comments:

Post a Comment