Monday 14 SEP 09/24 Ramadan 1430 Wrap-up: Middle East Stocks

EGX30 (the main index of the Egyptian exchange) printed another down leg today –1.4% in this sideway below august high and taken the small pivot 6655

our portfolio transactions today: closing both MNHD and EREC, the first at BE and the second with good profit 1.6R/1R

and new 4 positions initiated from the watch list posted yesterday

and they’re: ALCN, ETRS, NASR, UNIP and all of them from the same industrial sector, I don’t know what’s cooking in this sector but history tell those are the main sector movers

the middle east markets retreated more today after the prior week surge and the only advancer was the Saudi Exchange TADAWUL

some stocks to watch for tomorrow Tuesday and the modified weekly watch list too

 

MON 7 SEP/17 Ramadan Wrap-up: NRPD, MICH, EFIC

a strange day today, the market performed in strange way

two stocks initiated from the weekly watch list, and one from today’s watch list

NRPD W 3200/105, MICH W 28400/14, EFIC D 60000/24.6

many stocks declined today and stayed in it’s previous range under august high and today’s down leg signals many breakout opportunities for tomorrow if it played well, it will be great reward at September beginning

lets see how it develops

 

Middle East Stocks Weekly Wrap-up

the main market index EGX30 print 1.1% in Thursday, the last session in the second week of Ramadan month, I hate those short sessions, you can decide or trust them

after the sell off from 6790 we can see this session as upward correction and we cant talk about uptrend continuation before good signal

so three senarios here: congestion, upward by taking the peak, downward by taking 6500

 

    

EGX30 daily/weekly charts, click on them to enlarge

if you’re a fibo believer (I’m not) then you need to note that the market resting on the 38 ratio from the big down leg

our stock basket this week has 39 decliners, 3 unchanged, 19 advancers

and the sector performance table sorted by the weekly change and off course the healthcare sector on the top as usual in the indecision times

other middle east exchanges still the worst performers in the region specially Saudi’s TADAWUL

I’m frustrated from them and begin to miss the value of their daily tracking and scanning!!

It has been long when we saw the last opportunity their…

WED 26 August Wrap-up

the market climb +1.4% today without any following from the main blue chips or even the main stocks of the basket

and the portfolio we liquidate both NASR.CA @ 18.5 and SUGR.CA @ 23 at the trialed SL (we talk about in yesterday wrap) with small profits

and one positions triggered today only from previous watch list, which is ENGC.CA 32200 @ av 13.85

there is no good opportunities on the charts today unless 4 risky in AFMC, EPPK, CIRF, GSSC, the points shown below

I dont recommend them specially at our time but we can take them with very small lots

TUE 25 August Wrap-up

the market today continue the upward by taking off the peak of August @ 6646 and print new high 6690 so the reversal signal we talk about before in 19 August was false breakout but also we must be aware cuz this is the 4th up day in row

we can see sharp correction like what happened in June after we breakout the peak too ..

out active positions still doing well and we trail our stop to protect some of the profits, the trailing based as multipliers of the ATR, ALCN @ 112.5, NASR @ 18.5, SUGR @ 23

the chart scan today generate some opportunities but not all of them are class A

the best of them are NCCW, ENGC, UNIP, EHDR

Egyptian Exchange (EGX) Weekly Wrap (Week 32/2009)

 

I’m back from the short vacation with another confirmation on the importance of freeing your mind and vacations from time to time …

the market main news are:

• the launch of EGX100 index Here 
• The rate cut by the Egyptian central bank Here
• the slump of Q2 GB Auto Profit 72% Here

so the market index print 5.76% without following by many stocks !!

small number of them made 20 days high this week like: ACRO, AFDI, AFMC, AITG, BIOC, BISM, COMI, DARY, EAST, EGTS, ELNA, ENGC, LCSW, MBSC, NCEM, OSTD, SCEM, SNFI, SVCE, TORA, WACE

as you see the most of them are the cement companies with their new prices of the product and the rest are the illiquid seasonal stocks except COMI, EGTS, ELNA!

the market also now away 93% from the bottom in February 09

the update for the bear markets comparison is here

also the wraps of the other middle east stocks

Egyptian Market: The Week Wrap (29/09)

 

the market still in short term down trend but the stocks specially the blue chips falling now in 3 weeks range

and it’s not clear when we are out of this range, and until clear breakout from it

we still flat and I didn’t see any interesting stock for Sunday except AMOC

Alex. Miner and Oil (AMOC.CA) can be taken on breakout of last session high:

Entry @ 47.25, SL 44.25, 1R target, even this stock is medium degree setup

EGX Weekly Wrap, 28/09

the market continued the down move this week too without any correction and we waited it to test May low 5425 but it closes away from this low by 30 points at 5458

so the sinario we waiting now for the coming week is testing this point, breaking it will drive us to 4800 and this away by 600 points so we’ve long days coming

and testing and bounce case will drive us to 5500 again, until this we’re waiting

the middle east stocks witness worst performance and gone too far, now they’re near the low of this crisis

notice Dubai lost 24% Month to Date!

The Week Wrap-up: Egypt –11%, Dubai –7.7%, Abu Dhabi –5.9%

you can return to the prior week commentary in this post

The 26th week of 2009

was bloody week for the Middle East stocks, for Egypt there were no blue chips or penny stocks, all of them slumped hard, the worst sector was the food, Real Estates

if you remember the last post we’ve 2 points 5,500 and 4,800

the market closed Thursday session under 5500 without any problem, we have setup here if this proved as false breakout, if not we are waiting at 4,800

until now there is no intention to buy, the market confirmed Sell signal on all our setups

those are the daily and the weekly picture for the main index, click to enlarge

and the following are the sector performance

and for UAE markets and others

EGX30: 5,864

nothing can be said, the selloff begin, follow the trend and don’t resist, we already trading under May High

and ofcourse no pending order triggered from the week list, so we still flat

see the week commentary Here

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now we look for reversal setups come at the previous pivots 5700, 5500, 4800 and they’re not far …