On the weekly timeframe, the EGX100 Equal Weight Index is showing a technically significant structure:
🔹 Touched the midline of the Fibonacci channel for the 9th time, after a confirmed breakout — this midline has acted as a dynamic support zone over time.
🔹 Also testing an ascending trendline for the 3rd time, adding strength to the current support confluence.
📌 A strong weekly close above both the channel midline and the trendline could be the trigger for a powerful rebound, God willing.
This zone might represent a critical inflection point — keep an eye on how price action unfolds in the coming weeks.
🔹 Touched the midline of the Fibonacci channel for the 9th time, after a confirmed breakout — this midline has acted as a dynamic support zone over time.
🔹 Also testing an ascending trendline for the 3rd time, adding strength to the current support confluence.
📌 A strong weekly close above both the channel midline and the trendline could be the trigger for a powerful rebound, God willing.
This zone might represent a critical inflection point — keep an eye on how price action unfolds in the coming weeks.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.