The EGX 30 was able to close near 10,900 despite that it reached 10,300 during the week, but was able to close clearly above 10,400 at the end of the weekly bar.

Such a strong rebound created what we call a hammer and should lead to higher levels. The 11,200 is the current target, but we can see higher targets, especially if the index challenges the 11,200 level.

We recommend placing our stop below 10,300; this is now a very important support and should be used as a stop for position holders.