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Technical tips (egypt) egx30 (summary) - feb 22, 2012
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Transcript of Technical tips (egypt) egx30 (summary) - feb 22, 2012
JAZIRA SECURITIES BROKERAGE
TECHNICAL TIPS (EGYPT) Wednesday, February 22, 2012
1
BOTTOM LINE: (Last Price: 5,030 Pt.)
To summarize what we have said yesterday regarding the
structure of the major index; yes, we see weakness in the major
index, but such signs aren't weird at all, knowing the current
steep angle of ascent, the repeated pattern in RSI (see blue
symbols and the broken dotted brown lines) and the very over-
bought reading in the MACD. But, let's go direct to the point;
the market had begun a bull market and our weight of evidenc-
es tell us that the market will NOT see the prior lows in the
current year under current circumstances. Actually, we need
this correction to relieve the extreme reading in most momen-
tum indicators. You should take any kind of correction at your
advantage and it's a great opportunity to continue ACCUMU-
LATING. A correction may be just a couple of weeks of lateral
action or can turn to be a plain decline move. Expect a support
at 4,925,4,888, 4,770 then 4,440. We give high probability for
bouncing off the first two levels and low probability for even
attaining the last one. We're still expecting the index, after re-
lieving the current overbought readings, to attain the first struc-
ture level at 5,880. With a reasonable exposure to market, you
are advised ton Buy weakness. Buy a breakout over 5,220.
EGX30 (Summary) RIC: .EGX30
SIGNIFICANT LEVELS:
First Second Third
Support 4,925 4,888 4,770
Resistance 5,220 5,400 5,650
Stop loss - - -
Target 5,650 5,880 6,300
Disclaimer
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JAZIRA SECURITIES BROKERAGE
TECHNICAL TIPS (EGYPT) Wednesday, February 22, 2012
2
JSB Contacts Title Land Line Mobile Email
Hussein El Sawalhy, CFA Managing Director (+202) 3760 9915 +20100 1410 690 [email protected]
Ahmed Helmy Head of Sales & Trading +20100 1004 482 (+202) 3760 9915 [email protected]
Ramy Rashad, CMT Senior Technical Analyst +20100 8385 501 (+202) 3760 9973 [email protected]
Momen El-Shayal Technical Analyst +20100 7678 545 (+202) 3760 9983 [email protected]
George Mansour Customer Service (+202) 3760 9941 +20122 9214 069 [email protected]
Doaa Osman Customer Service (+202) 3760 9941 +20122 7552 436 [email protected]
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