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.
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