All eyes are on the 12k line of Egypt’s EGX30, according to Ron William, director at RW Advisory.
This is a make-or-break level that comes from the 2008 Global Financial Crisis, a period that William says left a deep emotional imprint on the Egyptian market. If this level is broken, then because of a price vacuum below it and a lack of significant levels therein, the market would likely fall to 9490 (see Chart).
William says to watch for a trigger level at 13490 to unlock downside risk into 12k. An impulsive rise above 16420 would however neutralise this scenario.