The weekly chart of the EGX 30 index shows the breakout above 11,500, which was broken to the downside after few bars; if we look at the chart we will note that the breakout above 11,500 was not significant as the index did not witness a significant rise after the breakout. The decline after this took the index near 11,100-11,200 which is currently serving as support.
If the market rebounds from current levels, the next rise should take the EGX 30 once again above 11,500, which will most probably be con- firmed and higher targets will be reached.
If, on the other hand, the index continues its correction it might approach the 10,500 level. We are not expecting this scenario to take place, but if we break below 11,100, next target will be set at 10,500.
