The Jungle Battle: Bulls vs. Bears in the EGX30

٩ يونيو

The Jungle Battle: Bulls vs. Bears in the EGX30

In the wild jungle of the EGX30, the bulls and bears are in a fierce fight for dominance. Today, the local institutions and local Egyptians were the main driving force behind the bearish market. Unfortunately, there are no certainties in this untamed market, only the struggle between the bulls and the bears. The winner in this battle will be determined by the liquidity flowing into the market.

Liquidity is the lifeblood of this jungle. When a large number of investors bring new money into the market, the bulls charge forward, driving prices up. Conversely, when investors withdraw their funds, the bears take control, dragging prices down.

For the EGX30, the current landscape shows significant support levels at 25,506, 25,421, and 25,343. These are the strongholds where the bulls may regroup and mount their defense. On the other hand, the resistance levels stand at 26,050, 26,264, and 26,234. These are the barriers the bulls must overcome to claim victory.

Today's bearish performance, driven by local institutions and local Egyptians, underscores the importance of understanding the intricate dance of market forces. Our analysis integrates a comprehensive suite of technical tools, including Fibonacci retracements, linear regression, trendiness indicators, support and resistance levels, MACD, RSI, stochastic RSI, RVI, VPT, the Law of Diminishing Marginal Returns, ATR, Bollinger Bands, Elliott Waves, classical patterns like head & shoulders and falling/rising wedges, and finally, the bread & butter analysis done by Ichimoku Kinko Hyo. The candlesticks are represented by Heikin Ashi for a clearer view of market trends.

The ongoing fight for liquidity and investor interest will be crucial. Without positive liquidity inflows and renewed interest from investors, the disappointing performance may persist. In this jungle, the battle continues, and the next moves of the bulls and bears will determine the market's direction. Stay vigilant and watch the flow of liquidity closely, for it is the key to understanding who will emerge victorious in the EGX30.