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.
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.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.