Cairo – Mubasher: The stock of Sidi Kerir Petrochemicals Company (Sidpec) recently broke through a secondary downtrend line and retested the key support level near EGP 16.70 before rebounding, accompanied by high trading volumes, indicating buying pressure.
Mubasher Research indicated that the stock opened Wednesday’s session with a notable rise, surpassing a significant resistance level at EGP 17.30.
This strengthens the likelihood of continued upward movement, particularly if it retests the price gap near EGP 17.30-EGP 17.15.
Holding above this level would enhance the chances of targeting EGP 17.80 and then EGP 18.40, with the possibility of further upward movement to EGP 18.80 if the momentum continues.
These levels represent potential resistance points for profit-taking, which may trigger some corrective pullbacks.
Technically, maintaining the EGP 16.50 level is crucial for maintaining the positive outlook on the four-hour timeframe.
Technical indicators point to positive performance, with the Relative Strength Index (RSI) moving above the neutral level, while the Moving Average Convergence Divergence (MACD) is showing positive signals.
Price Action Summary
The stock saw a notable rise in trading during January and February 2025, climbing from EGP 14.95 to EGP 17.65, before experiencing selling pressure that began in March and continued until June, leading to a relative decline in performance.
Following this, the stock moved within a wide sideways range without breaking through key levels, and this sideways movement continued until January 2026. In February, the price successfully broke out of the sideways range, accompanied by high trading volumes, reflecting a reassertion of control over the short-term uptrend.
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.
