Technical tips (egypt) egx30 (summary) - feb 22, 2012


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As we have said before, Should History Repeats Itself, Then Don’t Expect More Than A Healthy Correction Move

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Technical tips (egypt) egx30 (summary) - feb 22, 2012

  1. 1. TECHNICAL TIPS (EGYPT) JAZIRA SECURITIES BROKERAGE Wednesday, February 22, 2012EGX30 (Summary) RIC: .EGX30BOTTOM LINE: (Last Price: 5,030 Pt.)To summarize what we have said yesterday regarding thestructure of the major index; yes, we see weakness in the majorindex, but such signs arent weird at all, knowing the currentsteep angle of ascent, the repeated pattern in RSI (see bluesymbols and the broken dotted brown lines) and the very over-bought reading in the MACD. But, lets go direct to the point;the market had begun a bull market and our weight of evidenc-es tell us that the market will NOT see the prior lows in thecurrent year under current circumstances. Actually, we needthis correction to relieve the extreme reading in most momen-tum indicators. You should take any kind of correction at youradvantage and its a great opportunity to continue ACCUMU-LATING. A correction may be just a couple of weeks of lateralaction or can turn to be a plain decline move. Expect a supportat 4,925,4,888, 4,770 then 4,440. We give high probability forbouncing off the first two levels and low probability for evenattaining the last one. Were still expecting the index, after re-lieving the current overbought readings, to attain the first struc-ture level at 5,880. With a reasonable exposure to market, youare advised ton Buy weakness. Buy a breakout over 5,220.SIGNIFICANT LEVELS: First Second ThirdSupport 4,925 4,888 4,770Resistance 5,220 5,400 5,650Stop loss - - -Target 5,650 5,880 6,300 1
  2. 2. TECHNICAL TIPS (EGYPT) JAZIRA SECURITIES BROKERAGE Wednesday, February 22, 2012 Jazira Securities Brokerage Jazira Securities Online Trading 15 Shooting Club Street, Mohandessin You can trade online through Jazira Securities online Tel: (+202) 3760 9983 - 37609941 trading portal ... Fax: (+202) 3760 9883 Please contact our customer Service representatives for further information..JSB Contacts Title Land Line Mobile EmailHussein El Sawalhy, CFA Managing Director (+202) 3760 9915 +20100 1410 690 helsawalhy@jaziracapital.comAhmed Helmy Head of Sales & Trading (+202) 3760 9915 +20100 1004 482 ahelmy@jaziracapital.comRamy Rashad, CMT Senior Technical Analyst (+202) 3760 9973 +20100 8385 501 rrashad@jaziracapital.comMomen El-Shayal Technical Analyst (+202) 3760 9983 +20100 7678 545 frefaat@jaziracapital.comGeorge Mansour Customer Service (+202) 3760 9941 +20122 9214 069 gmansour@jaziracapital.comDoaa Osman Customer Service (+202) 3760 9941 +20122 7552 436 dosman@jaziracapital.comBasant Soror Online Trading Technical Support (+202) 3760 9941 +20122 1615 409 Disclaimer  Jazira Securities Brokerage (JSB) is a licensed Egyptian Stock Market Broker, regulated by the Egyptian Financial Service Authority.  Opinions, estimates and projections contained in the research reports or documents are of the author as of the date published and are subject to change without notice  JSB research reports or documents are not, and are not to be construed as, an offer to sell or solicitation of an offer to buy any securities.  Unless otherwise noted, all JSB research reports and documents provide information of a general nature and do not address the circumstances of any particular investor.  Neither JSB nor its mother company (Jazira Capital), or any of its affiliates accept liability whatsoever for any investment loss arising from any use of the research reports or their contents.  The information and opinions contained in JSB research reports or documents have been compiled or arrived at from sources believed reliable but no representation or warranty, express or implied, is made as to their accuracy or completeness.  JSB, Jazira Capital or any of its affiliates and/or their respective officers, directors or employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent.  JSB research reports and all the information opinions and conclusions contained in them are protected by copyright.  The research reports or documents may not be reproduced or distributed in whole or in part without express consent of JSB Research.  JSB research reports or documents, recommendations and information are subject to change without further notice . 2