Egypt
November 17, 2009
Egypt Traders’ Corner
Prime Research 1
Stock of the day Orascom Construction (OCIC.
CA)
♦ Despite the bearish short term picture, the intermediate term up trend is still
intact, where the current correction is correcting the...
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Egypt
November 17, 2009
Egypt Traders’ Corner
Prime Research 1
Stock of the day Orascom Construction (OCIC.
CA)
♦ Despite the bearish short term picture, the intermediate term up trend is still
intact, where the current correction is correcting the April/October rally.
The
correction has accomplished the nearest down target at 233, while a two lower
targets exists at 223, then 212 .
A dip to either 233, or 223 targets is still
within the range of a healthy intermediate term correction, while a dip below
223 shows a weak technical condition, and a dip below 212 puts the whole up
trend in question.
♦ On the short term, the stock broke the low of yesterday’s trading range as the
decline started to gain momentum on the downside.
The stock may reach
223.
00 on the short term, though a good upward bounce back to the
neighbourhood of 240 is good for offloading of positions.
♦ Recommendation: Intermediate term traders should hold above 223.
00.
waiting for a buy signal, while short term
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