Analysis of EGX30 Performance on H1 Time Frame
The EGX30 results appear promising on initial examination. However, it is important to note that the Simple Moving Average (SMA) over 200 days is currently at 23,900 EGP. This level is critical, as it is required to motivate market makers to begin repurchasing their hedges.
As long as the index remains above(Weeklly (SMA) is 23,000 EGP, the market outlook remains bullish. Additionally, we could see a short squeeze if there's edgy price action as illustrated.
The EGX30 results appear promising on initial examination. However, it is important to note that the Simple Moving Average (SMA) over 200 days is currently at 23,900 EGP. This level is critical, as it is required to motivate market makers to begin repurchasing their hedges.
As long as the index remains above(Weeklly (SMA) is 23,000 EGP, the market outlook remains bullish. Additionally, we could see a short squeeze if there's edgy price action as illustrated.