Technical Analysis of EGX 30 Index Chart

7 hari lalu

Hello Dear Traders,
### **1. Overview of the Chart**
- **Gann Trend 1/1 Line:** Represented by the red diagonal trendline, indicating a significant Gann angle.
- **Parallel Channels:** Yellow and white lines represent upward-sloping price channels.
- **Current Price:** **30,474.90 EGP**
- **RSI Indicator:** The Relative Strength Index (RSI) is displayed at the bottom to show market momentum.

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### **2. Key Observations**

1. **Price Position Relative to Gann Line:**
- The price is hovering **near the Gann 1/1 line** (red trendline) acting as resistance now..
- This line acts as both a **support** and a **resistance**. A break above this line may trigger further bullish momentum.

2. **Price Channels:**
- The price is trading within an **upward-sloping channel**.
- **Midline (white):** The price has been consolidating near this critical area. A sustained move below this level could target the lower channel boundary.
- **Upper Boundary:** Resistance lies near **32,000 - 33,000 EGP**.
- **Lower Boundary:** Support near **30113 - 29,000 EGP**.

3. **RSI Analysis:**
- **Current RSI Value:** **39.60**, which indicates the market is **approaching oversold conditions**.
- **RSI-based Moving Average:** **49.92** shows bearish momentum.

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### **3. Potential Scenarios**

#### **Bullish Scenario:**
- **Condition:** Price holds above the **Gann 1/1 line** and rebounds towards the upper channel.
- **Target Levels:**
- **32,000 - 33,000 EGP** (upper boundary).


- **Current support from here to **30,113 EGP**

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### **4. Recommendations:**
- **Short-term Traders:** Watch for price behavior near the **Gann 1/1 line** and RSI support.
- **Breakout Watch:** Monitor price for a break above the current channel midline.
- **Confirmation Signals:** Use **RSI divergence** or price reaction near **30,113 EGP** for entry signals.