Cairo – Mubasher: Iron and Steel for Mines and Quarries’ stock is moving in an upward direction, supported by a series of rising peaks and troughs, according to Mubasher Trade Research.
The price is maintaining an upward trend line and trading above the moving average, which indicates the strength of the upward trend.
Moreover, the price is approaching the historical peak near the EGP 7.60 level, which in case of surpassed with high trading volumes, it is likely that the upward movement will continue to target the EGP 7.85 – EGP 8 area, which could push the price further towards EGP 8.18 then the EGP 8.50 level.
Mubasher Trade Research noted that maintaining a position below the support level of EGP 7.25 threatens short-term upward opportunities, and the nearest support level will be at around EGP 6.83.
It is worth noting that the stock is testing EGP 7.60 for the third time in a short period, which calls for caution in case of a retreat from it and even toward partial profit-taking.
Summary of Price Movement
Iron and Steel for Mines and Quarries stock witnessed a notable positive performance during the first quarter (Q1) of 2025, as the price rose from EGP 3.65 to nearly EGP 6.50, driven by strong buying momentum and improved investor appetite.
However, the stock later experienced a sharp price correction that extended until June as part of profit-taking following the strong gains it had achieved.
With the beginning of July, the stock managed to regain its upward trend, continuing to achieve gradual gains until January 2026, and was able to record a new historical peak near the EGP 7.60 level.
Important note: This analysis is based solely on the principles and tools of technical analysis and reflects a purely analytical perspective that may vary depending on the methods of interpretation and assessment. What is stated in this report should not be considered a direct recommendation to buy or sell, or an invitation to make any investment decisions; it is for monitoring and study purposes only. Investment decisions are the sole responsibility of the investor based on their financial situation and personal goals.
