-1EGX30@15.2K OPEN SHORT (15.2K-11.0K) PL: +4.2K(+28%)
Short position is still open from March 2019.
EGX symbols are pretty interesting to study, the lack of HFT firms is probably the main reason for the perfect alignment with the symbol's fundamental health.
The mega industrial boom generated massive investors interest during the past 4-5 years, followed by the COVID crises, EGX suffered major damage however, our short position was already open at Mar 2019 on an acute divergence of all differential oscillators, targets were set to 11K-9K, however, recent events made things a little bit more interesting.
Price should hover over the 10K mark for a while, we expect another leg down (9K-7K) before any move upwards, hopefully we don't see a new minimum.
It makes me always wonder weather fundamentals draw the charts, or do charts actually predict fundamentals..
Happy Trading!
EGX symbols are pretty interesting to study, the lack of HFT firms is probably the main reason for the perfect alignment with the symbol's fundamental health.
The mega industrial boom generated massive investors interest during the past 4-5 years, followed by the COVID crises, EGX suffered major damage however, our short position was already open at Mar 2019 on an acute divergence of all differential oscillators, targets were set to 11K-9K, however, recent events made things a little bit more interesting.
Price should hover over the 10K mark for a while, we expect another leg down (9K-7K) before any move upwards, hopefully we don't see a new minimum.
It makes me always wonder weather fundamentals draw the charts, or do charts actually predict fundamentals..
Happy Trading!
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