Cairo - Mubasher: Abu Qir Fertilizers and Chemical Industries Company's stock has continued its positive performance since the beginning of December, successfully establishing an upward trend characterized by rising lows.
The stock experienced a strong correction towards the end of December, with the Relative Strength Index (RSI) showing negative divergence, which dampened buying pressure.
As Mubasher Research previously noted, the EGP 48.50 level was a strong signal targeting EGP 50.35, followed by a target of EGP 51.65.
The price reached these targets, but then experienced a sharp correction, closing below a key support level at EGP 50.35, which is considered a negative signal.
Currently, the price is retesting the EGP 50.35 resistance level. If the price manages to hold above this level with increased trading volume, it is likely to target the EGP 51.55 area, followed by a target of EGP 52.60.
In case these levels are surpassed, the upward movement could extend to EGP 53.50.
Technical analysis elaborated that if the price fails to hold above the aforementioned resistance, a retest of the EGP 48.50 support level is likely. If it holds below this level, the downward movement could extend to EGP 47.20– EGP 46.55.
Price Action Summary
Abu Qir Fertilizers' stock had a positive start to 2025 in January and February, opening at EGP 44.40 and rising to EGP 55.00.
Starting in March, the stock experienced a decline, recording consecutive drops until June. It then began to recover from its June lows until December.
Disclaimer:
This analysis is based on technical analysis tools and reflects a comprehensive analytical view that may vary depending on interpretation methods.
It does not constitute a direct recommendation to buy or sell, nor an invitation to make investment decisions. This is intended solely for monitoring and study purposes. Investment decisions are the sole responsibility of the investor, based on their financial situation and investment goals.
