Is The Market Ready to Bounce?
Diupdate
- EGX100 is down around 27% from its high.
- Today it hit a very important level, the 200 day MA which was tested before on March 2023, and also if we measure the fib level, we find that it retraced to a 50% level.
- This also occurs while EGX30 hitting its 200 day MA as well.
- Now we can never know for sure if this bottom or not, but we can be prepared for both scenarios.
- Resistance overhead @ 8500 if this can be breached, the way is clear towards the 9000 level,
and this a very critical level, as anywhere between 8500/9000 the sellers may show up again and try to push the market down.
- If buyers manage to break the 9000 level, the probability that this is a bottom is high, with only the level between 9300-9700 will be left to confirm the continuation of the bull trend.
- Pls note that currently the market is considered on a downtrend with 20/50/100 MA all pointing down.
- Not a good advice to reenter those tickers that became so cheap, look for the ones that were holding their levels as those are the ones with higher strength comparing to the market.
- It's always better and safer to wait until the market confirms the bull trend before buying.
- Today it hit a very important level, the 200 day MA which was tested before on March 2023, and also if we measure the fib level, we find that it retraced to a 50% level.
- This also occurs while EGX30 hitting its 200 day MA as well.
- Now we can never know for sure if this bottom or not, but we can be prepared for both scenarios.
- Resistance overhead @ 8500 if this can be breached, the way is clear towards the 9000 level,
and this a very critical level, as anywhere between 8500/9000 the sellers may show up again and try to push the market down.
- If buyers manage to break the 9000 level, the probability that this is a bottom is high, with only the level between 9300-9700 will be left to confirm the continuation of the bull trend.
- Pls note that currently the market is considered on a downtrend with 20/50/100 MA all pointing down.
- Not a good advice to reenter those tickers that became so cheap, look for the ones that were holding their levels as those are the ones with higher strength comparing to the market.
- It's always better and safer to wait until the market confirms the bull trend before buying.
Trade aktif
- Lots of good setups in the market:-Key levels to watch for the week:-
EGX100- 8700
EGX30- 27k
At these levels we may see some selling, and if that happens chances are that it will only be shallow pullback(IMO) , hold your position if you are bullish. take some profit off if you are conservative.
Catatan
Now here is the pullback that was expected at 27k on EGX30 and 8500 on EGX100.If this pullback finds buyers, probability is higher that the bottom is in and a breakout of the resistance is due.
Trade aktif
Looks like we have buyers. Hold your winning positions.
Catatan
- EGX100 is lagging and weaker than EGX30. it has been a day trading market since the start of the year.
Find trades with the market movers on EGX30. (AbUK?)
- Market may be ahead of some choppiness until it decides to breakout in either direction.
- EGX100 must break 8500 and then (IMO) 8700 will be a shallow pullback then we may see some selling at 9000 ( take your profit there if u wish)
- EGX30 must break 27k and we have some resistance b/w 27500-28k.
Catatan
We r still seeing high volume on red days which indicates the probability of more downside.-Risk off bellow the 200 moving average on EGX100.
support @ 7700 if that fails market can flush down to 7200-7400.
Trade aktif
7700 held. and closed above the 200 ma.Maybe this is the bottom and one more final pullback after a bounce around 8200.
Trading ditutup: target tercapai
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