This stock is a short term bearish until 42.4 or if i dives dipper to 36.11 EGP. But more than likely it will stop at 42.4 EGP then full reversal should be in play.
The 80% likely scenario is the price further retraces and reverse. But if good news comes around and the price fully closes above 62 EGp, then wait for any retracement to 62 again and go long.
Also iam very convinced that this is a short play in hands, the price didnt make a lower lows yet and stalls at this support level, so it really depends on the news and its correlation to price action and how the stock will respond to it.
DYOR and check the news daily if you to take any trade since one negative or positive news that happens suddenly could change the whole setup.
The 80% likely scenario is the price further retraces and reverse. But if good news comes around and the price fully closes above 62 EGp, then wait for any retracement to 62 again and go long.
Also iam very convinced that this is a short play in hands, the price didnt make a lower lows yet and stalls at this support level, so it really depends on the news and its correlation to price action and how the stock will respond to it.
DYOR and check the news daily if you to take any trade since one negative or positive news that happens suddenly could change the whole setup.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.