Egypt’s PAMI: Weekly technical review
Prime Asset Management Index (PAMI) has crossed over the 7,700 resistance level, after falling below the 7,500 level. On Thursday, January 25, the index broke its short-term downward trend and is expected to receive a boost pushing it over the 9,000 level pending confirmation of its violation of this downward trend (breaking the 8,000 level). However, volumes and sustaining higher troughs are needed to achieve this target.
Egyptian Company for Mobile Services has broken its short-term downward trend and is currently moving on an upward trend characterized by a low ascending degree (18 degrees ). This will generate a lower limit for the share’s trading with expected lower troughs and higher peaks. However, due to the low ascending degree of the trend substantial price appreciation is not expected in the immediate future, unless a steeper trend develops. If the share fails to remain over its upward slope or to generate higher troughs (breaks below the LE68), this upward trend should be considered a whipsaw.
Egyptian Media Production City is still hovering around the LE20 support level. However, its troughs are still trading in a slightly upward trend, which favors further appreciation of the share. The current resistance level is at LE20.
Commercial International Bank continued to violate its resistance levels after a period of consolidation. This week it has violated the LE38 resistance level, leaving the LE40 mark as the next obstacle to its upward trend. If the share is able to maintain its bullish trend, it will be able to reach the LE48 level.
Orascom Telecom has broken its downward trend LE0.9 prior to the LE40 support level. It has violated the LE44 resistance level and is currently heading toward the LE47.75 level. The short-term upward trend is trading on a very steep slope, which is expected to moderately level.
Orascom Construction Industries has broken its short-term downward trend. The following resistance level is LE38.8.
Prime Securities S.A.E.
© 2001 Mena Report (www.menareport.com)