comparative analysis of the EGX30 & EGX70EWI 11-6-24

11 Haz

Both indicators have exhibited typical performance patterns. After experiencing a series of 9 and 11 consecutive downtrending days, respectively, both indicators concluded their declines with the formation of a doji candlestick, signaling potential reversal or indecision. The short-term downtrend spanning 9 days has effectively ended for both indices. However, crossing the established trendline poses a significant challenge.

Currently, both indices are situated at the lower boundary of their linear regression channels. Additionally, the Chikou Span for both indices lacks clear momentum, suggesting that price movements are likely to encounter substantial resistance in the near term.

Given this analysis, it is plausible that the indices may enter a phase of consolidation or treadless behavior in the short term. For tomorrow and the day after, the outlook remains cautious. Monitoring for confirmation through additional technical indicators or bullish reversal patterns will be essential to gauge any potential upward movement.