Both market indices dropped significantly after registering NYHs last week
The EGX30 and the EGX70 Indices are not longer in NT/ST up trends
Despite recovery attempts, the market remains in corrective mode
Previously, we wrote: “The market experienced a strong sell-off on driven by panic selling patterns. The EGX30 Index had its largest decline this year as it dropped back as low as 30,000 during the session, only to settle down at 31,000 range, while the EGX70 Index dropped aggressively to settle at 9,100. The NT/ST trends for both market indices are currently no longer in upward mode. We expect some recovery in the market today, back to yesterday’s mid ranges (somewhere this week), flowed by some selling pressure again.”
On Wednesday, the market saw another attempt to recover after being pulled further on Tuesday, yet, the market remains in corrective mode.
