Weekly Technical Bulletin - Jazira Capital

WEEKLY TECHNICAL BULLETIN

JAZIRA SECURITIES BROKERAGE

Monday, October 12, 2015

RIC: .EGX30

EGX30

SIGNIFICANT LEVELS First

Second

Third

Support

7,250

6,900

6,700/6,600

Resistance

7,700

7,900

8,100/8,200

Stop loss

7,200

7,000

-

Target

7,750

7,900

8,200

DAILY CHART

BOTTOM LINE Although the index is still has a long-term downside target near 6,200 level (Last Price : 7548 Pt.) from a completed (pink) Double Top reversal pattern, it has cleared the upper band of a (green) falling channel which assigns medium-term upside targets All traders are advised to near 7,750/7,900 area then 8,200 level. Clearing the declining (thick brown) Buy Dips. trend line will indicate a change in the prior long-term bear trend. Volume and price momentum indicators are showing bullish status. All traders are advised to buy dips, otherwise a stop loss below 7,200 level should be respected.

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RIC: .EGX70

EGX70

SIGNIFICANT LEVELS First

Second

Third

385

372

360

400/405

420/425

438

Stop loss

380

372

-

Target

412

429

-

Support Resistance


DAILY CHART

BOTTOM LINE After fulfilling the target of the huge (brown) reversal rectangle pattern near (Last Price : 401 Pt.) 445 level, the index has bounced off the lower band of a long-term falling (pink) channel for the 3rd time and cleared a long-term (dashed green) declin- All traders are advised to ing trend line in a medium-term upside correction before continuing the way Buy Dips. down. Currently the index has just finished a (green) Ascending Triangle pattern which assigns upside targets near 412 then 429 levels. Volume and price momentum indicators are showing a short-term bullish status. All traders are advised to buy dips with a stop loss below 380 level. 2



COMMERCIAL INTERNATIONAL BANK


RIC: COMI.CA

After fulfilling the target of a (green) Rectangle pattern near 58.0/58.50 area, the security has turned to a long-term lateral action. It has cleared its long-term rising (dashed blue) trend line and its 150 SMA confirming the change in the prior major uptrend. It is fluctuating in a (pink) broadening formation with a flat top indicating an indecision situation between buyers and sellers. It has cleared the upper band of a (brown) falling channel assigning upside targets near 58.0 then 62.0 levels. Volume and price momentum indicators are showing a bullish status. All traders are advised to buy dips with a stop loss below 51.50 level. BOTTOM LINE: (Last Price: EGP 55.0) All traders are advised to Buy Dips. TALAAT MOUSTAFA GROUP HOLDING

RIC: TMGH.CA

The security has finished a double top reversal pattern with a decisive close below it’s neckline (8.50 level) after clearing its major rising (blue) trend line. The completed pattern assigned downside targets near 7.25, 6.25/6.0 then 5.25/5.0 levels. A pullback move to the neckline of the pattern was materialized then continued the way down toward next targets in a long-term declining (green) channel. However currently bullish weekly candles appeared at the lower band of the channel suggesting a pause in the bear trend. Volume and price momentum indicators are still bearish. All traders are advised to hold with a stop loss below 6.50 level. BOTTOM LINE: (Last Price: EGP 6.95) All traders are advised to Hold. 3



ARAB COTTON GINNING


RIC:ACGC.CA

Although completing a continuation (brown) symmetrical triangle pattern after the decisive breakout below its lower band (2.65 level) which assigned downside targets near 2.05 then 1.65 levels, the security has rebound from the lower band of a (green) falling channel. The decisive breakout above the upper band of channel has failed the previous bearish scenario and assigned a bullish one near 3.25 then 3.50 levels. Volume and price momentum indicators are showing bullish structure. All traders are advised to buy dips. Otherwise a stop loss below 2.80 level should be respected. BOTTOM LINE: (Last Price: EGP 3.08) All traders are advised to Buy Dips.

EGYPTIANS FOR HOUSING AND DEVELOPMENT CO

RIC:EHDR.CA

The security has cleared the upper band of a (brown) falling channel indicating a change in the prior downtrend and assigning upside targets near 3.80 then 4.15 levels. Currently it is moving in a sideways action forming a possible (green) Ascending Triangle pattern. Price momentum indicators started to show bullish structure. Medium-term traders are advised to buy dips, while short-term traders can wait a decisive breakout above the upper band of the possible triangle pattern (3.40 level). Otherwise a stop loss below 3.0 level should be respected.

BOTTOM LINE: (Last Price: EGP 3.35) Short-term traders are advised to Hold and medium-term to buy dips. 4



PALM HILLS DEVELOPMENT CO


RIC:PHDC.CA

The security is moving in a short term sideways action forming a possible (orange) double bottom pattern. It has cleared a (green) falling trend line indicating a change in the prior medium-term down trend. Currently it is testing the neck line of the potential bullish reversal pattern (2.15 level) where the decisive breakout above it will assign upside target near 2.35 then 2.50 levels. Price momentum indicators are showing bullish structure. All traders are advised to hold and buy the decisive breakout above 2.15 level. Otherwise a stop loss below 1.90 should be respected.

BOTTOM LINE: (Last Price: EGP 2.13) All traders are advised to Hold. GHABBOUR AUTO

RIC: AUTO.CA

After a short-term sideways action, the security has finished a bullish (green) double bottom pattern with the decisive breakout above (2.95 level). The completed pattern assigned upside target near 3.45 level. Besides, it has cleared the upper band of a (brown) falling channel which assigns another upside target near 3.80 level. Volume and Price momentum indicators are showing bullish signals confirming the price action. All traders are advised to buy dips. Otherwise a short-term stop loss below 2.95 and a medium-term one below 2.85 should be respected

BOTTOM LINE: (Last Price: EGP 3.13) All traders are advised to Buy Dips. 5



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JSB Contacts

Title

Phone No.

Email

Hussein El Sawalhy, CFA

Managing Director

(+202) 3760 9915

[email protected]

Ahmed Helmy

Head of Sales & Trading

(+202) 37609941

[email protected]

Momen El-Shayal, CFTe

Chief Technical Analyst

(+202) 3760 98 73

[email protected]

Mohamed Adel

Research Department

(+202) 37609883

[email protected]

George Mansour

Customer Service

+20122 921 4069

[email protected]

Amr Abdo

Marketing Manager

+20109 166 1366

[email protected]

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.

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