Cairo - Mubasher: The EGX30 index hit a new all-time high of 52,821.70 points before entering a noticeable corrective phase during the last session, driven by profit-taking after failing to break through the historical resistance level.

Mubasher Research highlighted that the nearest support zone to maintain is around 50,000-49,610 points. This area represents a critical support range, making current price movements highly significant from a technical perspective.

A break below this support level would likely extend the downward movement towards 48,960 points, while a break above it would push the price towards 47,900 points.

If the price holds above this level, we may see a retest of the 51,440-point level. A confirmed close above the resistance would strengthen the likelihood of targeting higher levels in the coming sessions, near 52,300 points.

The medium-term trend will remain bullish as long as the price holds above the aforementioned support levels.

Meanwhile, the Relative Strength Index (RSI) points to signs of reversal and weakening buying power. The index shows negative divergence where the index makes lower peaks and the price makes higher peaks, indicating weak buying momentum during the current period compared to the previous period.

Disclaimer:

This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.

It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. This is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.