Ezz Steel turnover hits 7-week high; stock to target EGP18.4
The stock of Ezz Steel has headed north on Monday for the third successive session, rising 3.64% to reach EGP 17.1; its highest price in three weeks.
The stock saw active trading, after more than 4.3 million shares were exchanged at EGP 72.5 million. Thus, the stock took the second position among most actives in terms of traded value, as it recorded the biggest turnover in nearly seven weeks.
Moamen El Shayyal, head of technical analysis, Al Jazira Securities Brokerage, said the stock ended the upmost limit for the Symmetrical Triangle pattern, targeting EGP 18.3.-18.4.
According to the analyst, crossing the EGP 17 level upwards will end another price pattern, which will target EGP 19.5.
The price momentum and traded volume indicators show positive signals for the price movement, El Shayyal noted.
He advised short-term traders to buy and medium-term traders to wait till the crossing above the EGP 17 level.
Ezz had logged EGP 142.5 million net loss for the six-month period that ended on June 30, 2014, against EGP 621.6 million net profit reported in the same period a year earlier.
Ezz is capitalized at EGP 2.7 billion, divided into 543.3 million shares at EGP 5 par value each.
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| Ezz Steel turnover hits 7-week high; stock to target EGP18.4 - Jazira Securities Brokerage
الجزيرة لتداول الاوراق المالية ، الجزيرة لادارة المحافظ
Jazira Securities Brokerage , Jazira Asset Management
البورصة المصرية ، شركات تداول ، شركات الوساطة ، بورصة مصر
Securities Brokerage ,Egyptian Stock Exchange
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