According to EGX30 monthly graph 8730 is Phi (0.618) from the highest high EGX30 ever reached till next low.
According to EGX30 monthly graph October 2016 is a time reversal point if we calculated Fibonacci Time Zones from 2015 peak until now.
According to EGX30 weekly graph 8735 is 0.707 ( = 1 / square root[2] ) from the highest point in 2015 until the lowest point in 2016.
According to EGX30 daily graph 8712 is 1.618 extension of April - June declining wave.
According to EGX30 daily graph 8733 is 1.414 ( = square root[2] ) extension of August - September declining wave.
EGX30 is moving inside a Wedge.
There is a divergence between price candles and most momentum oscillators like Money Flow Index.
Well it seems that EGX30 moved against technical clues. 8730 was a Price reversal Zone and EGX30 gaped it to the outside and didn't reverse.
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In this topic I will show you why Egyptian EGX30 have a strong resistance around 8730.
So lets begin with Monthly Seasonality Pattern which say that EGX30 on average make a peak at September then fall trough October then a trough at November then begin an upside move in December.
So October is not a favorite month for upside movements according to EX30 Seasonal pattern.