📊 SKPC – Sidi Kerir Petrochemicals | 1D Technical Analysis
Current Price: 16.78 EGP
🔹 Market Structure
SKPC is currently trading at a critical resistance/confluence zone around 16.80–16.90 EGP.
The chart shows a prolonged descending channel / corrective structure from the March high near 19.90 EGP. Price has recently bounced strongly from the 16.00–16.20 support area and is now testing the upper boundary of the short-term structure.
The recent price action suggests a potential bullish breakout attempt, but confirmation is still required.
🔹 Key Resistance Levels
16.80–16.90 EGP → Immediate resistance / breakout zone
17.00–17.10 EGP → First confirmation area
17.60–17.70 EGP → Major resistance
20.27–20.35 EGP → Main upside target shown on the chart
A daily close above 16.90–17.00 with strong volume would significantly strengthen the bullish scenario.
🔹 Support Levels
16.50–16.60 EGP → Immediate support / potential retest zone
16.25–16.35 EGP → Secondary support
16.00–16.10 EGP → Major structural support
14.00 EGP → Invalidation / stop-loss level according to the chart setup
🎯 Trading Setup
Entry Zone: 16.50–16.80 EGP
Confirmation Entry: Daily breakout and close above 16.90–17.00 EGP.
Target 1: 17.60–17.70 EGP
Target 2: 18.50–19.00 EGP
Main Target: 20.27–20.35 EGP
Stop Loss: 14.00 EGP
📈 Bullish Scenario
If SKPC successfully breaks and closes above 16.90–17.00 EGP, the descending structure could be invalidated, opening the way toward 17.60–17.70, followed by 18.50–19.00 EGP.
A sustained move above 19.00 would put the 20.27–20.35 EGP target into focus.
⚠️ Bearish Scenario
Failure to break 16.80–17.00 followed by a rejection could trigger a pullback toward 16.50, then 16.25–16.00.
A decisive breakdown below 16.00 EGP would weaken the bullish setup considerably and increase the probability of a deeper correction.
🧠 Technical Conclusion
Bias: Cautiously Bullish 🔼
SKPC is at a make-or-break resistance zone. The setup offers an attractive risk/reward profile, but the key trigger is a confirmed daily breakout above 16.90–17.00 EGP.
TradingView-style summary:
“SKPC is testing a major descending trendline resistance around 16.80–16.90 EGP. A confirmed daily breakout above 17.00 EGP would favor a bullish continuation toward 17.70, 18.50–19.00 and potentially 20.27–20.35 EGP. Failure to break resistance could lead to a retest of 16.50–16.00 EGP. Bullish bias remains valid as long as the major support structure holds.”
Current Price: 16.78 EGP
🔹 Market Structure
SKPC is currently trading at a critical resistance/confluence zone around 16.80–16.90 EGP.
The chart shows a prolonged descending channel / corrective structure from the March high near 19.90 EGP. Price has recently bounced strongly from the 16.00–16.20 support area and is now testing the upper boundary of the short-term structure.
The recent price action suggests a potential bullish breakout attempt, but confirmation is still required.
🔹 Key Resistance Levels
16.80–16.90 EGP → Immediate resistance / breakout zone
17.00–17.10 EGP → First confirmation area
17.60–17.70 EGP → Major resistance
20.27–20.35 EGP → Main upside target shown on the chart
A daily close above 16.90–17.00 with strong volume would significantly strengthen the bullish scenario.
🔹 Support Levels
16.50–16.60 EGP → Immediate support / potential retest zone
16.25–16.35 EGP → Secondary support
16.00–16.10 EGP → Major structural support
14.00 EGP → Invalidation / stop-loss level according to the chart setup
🎯 Trading Setup
Entry Zone: 16.50–16.80 EGP
Confirmation Entry: Daily breakout and close above 16.90–17.00 EGP.
Target 1: 17.60–17.70 EGP
Target 2: 18.50–19.00 EGP
Main Target: 20.27–20.35 EGP
Stop Loss: 14.00 EGP
📈 Bullish Scenario
If SKPC successfully breaks and closes above 16.90–17.00 EGP, the descending structure could be invalidated, opening the way toward 17.60–17.70, followed by 18.50–19.00 EGP.
A sustained move above 19.00 would put the 20.27–20.35 EGP target into focus.
⚠️ Bearish Scenario
Failure to break 16.80–17.00 followed by a rejection could trigger a pullback toward 16.50, then 16.25–16.00.
A decisive breakdown below 16.00 EGP would weaken the bullish setup considerably and increase the probability of a deeper correction.
🧠 Technical Conclusion
Bias: Cautiously Bullish 🔼
SKPC is at a make-or-break resistance zone. The setup offers an attractive risk/reward profile, but the key trigger is a confirmed daily breakout above 16.90–17.00 EGP.
TradingView-style summary:
“SKPC is testing a major descending trendline resistance around 16.80–16.90 EGP. A confirmed daily breakout above 17.00 EGP would favor a bullish continuation toward 17.70, 18.50–19.00 and potentially 20.27–20.35 EGP. Failure to break resistance could lead to a retest of 16.50–16.00 EGP. Bullish bias remains valid as long as the major support structure holds.”
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Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.