EGX30 closed Wednesday’s session at 52,621, staying above the neckline area that many analysts are watching around 51,300 - 51,200 for a possible head and shoulders structure.
For me, this is not a random area.
It is a decision zone.
The important point is that Tuesday and Wednesday sessions came with trading value below the average, so the current move still needs liquidity confirmation before calling the direction with confidence.
Many retail traders are now trading under psychological pressure because of the negative pattern and the fear of correction.
But technically, as long as EGX30 holds above the current pivot support around 52,525, I still see a chance for the index to test the next resistance levels:
52,821
53,205
53,538
A breakout above these levels may weaken the bearish pattern scenario and open the way to retest the head/top of the structure.
On the other side, if weakness appears and the index breaks below 52,525, pressure may return again, especially if the break comes with higher trading value.
In that case, the probability of the bearish head and shoulders scenario becomes active again.
Key levels
Pivot support: 52,525
Lower supports: 52,462 / 52,276
Resistances: 52,821 / 53,205 / 53,538
My view
EGX30 is not in a random move now.
It is in a technical decision area.
Holding above 52,525 keeps the short-term structure constructive.
Breaking below it weakens momentum and brings the bearish scenario back to the table.
At this stage, I am watching levels and liquidity, not emotions.
The market does not move by fear.
It moves by numbers, volume, and clear structure.
For me, this is not a random area.
It is a decision zone.
The important point is that Tuesday and Wednesday sessions came with trading value below the average, so the current move still needs liquidity confirmation before calling the direction with confidence.
Many retail traders are now trading under psychological pressure because of the negative pattern and the fear of correction.
But technically, as long as EGX30 holds above the current pivot support around 52,525, I still see a chance for the index to test the next resistance levels:
52,821
53,205
53,538
A breakout above these levels may weaken the bearish pattern scenario and open the way to retest the head/top of the structure.
On the other side, if weakness appears and the index breaks below 52,525, pressure may return again, especially if the break comes with higher trading value.
In that case, the probability of the bearish head and shoulders scenario becomes active again.
Key levels
Pivot support: 52,525
Lower supports: 52,462 / 52,276
Resistances: 52,821 / 53,205 / 53,538
My view
EGX30 is not in a random move now.
It is in a technical decision area.
Holding above 52,525 keeps the short-term structure constructive.
Breaking below it weakens momentum and brings the bearish scenario back to the table.
At this stage, I am watching levels and liquidity, not emotions.
The market does not move by fear.
It moves by numbers, volume, and clear structure.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.