Friday, May 21, 2010

EGX30 at a critical point

 

· Weekly: last=low = 6421

· Still bullish (RMO)

· Previous sell point @ 6253

· We got a sell signal and NOT yet confirmed

· Medium term investors would sell bellow 6253 (probably to be tested this week)

Daily: last = low = 6421

· We are in a bear market

· We sold market @ 7177 (I did NOT by the way)

· We are still looking for an opportunity to get in

· Sell this market AGAIN @ 6384 (we will test this most probably on Sunday 23May2010

Comment:

· Medium term the market is still NOT selling market

· Short term we sold this market before @ 7177

· So we are waiting for:

o Re-entry point given that the market do NOT break 6253

· A possible rebound point would be the 6384 which is 37 points down!

· We should mention that the international markets did fine (1% up)

· So I would NOT expect bearish signals or bullish signals to confirm Sunday

o Complete sell down the point 6253

· This should bring us completely out of this market.

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