Suez Canal Bank: Long-term players must read this!

Suez Canal Bank (EGX: CANA)
By Markets Chimp

8/14/17 10:05 AM

 

Daily Chart:

(Click on the chart to ENLARGE)

One April 23, 2017, we have said that "the profit-taking phase has run its course in Suez Canal Bank (EGX: CANA) and the stock is heading to our first target at 9.00". On this date the stock was trading near 7.60 (check our earlier recommendation from here). The stock has fulfilled our first target at 9.00 and found a top near 11.00 (more than 44% increase since our first recommendation)!

Two months ago, We have said that "a decisive breakout over 10.50 triggers our second Buy signal with first target near 12.50" (check our second recommendation from here).

The stock has cleared a key declining trendline (red line) and it is trying now to clear the important ceiling near 10.50 decisively. We think that the stock is heading to the most important resistance level in the entire trading history! It’s the major resistance level 11.25!

 

Weekly Chart:

(Click on the chart to ENLARGE)

The weekly chart shows clearly the importance of this major resistance level (red horizontal line). A decisive breakout over 11.25 (which is highly expected so far) would force the stock up to 15.00 then 20.00!

You are advised to Hold, Buy and Buy Dips. Cut losses below 9.00. Moreover, you are advised to Add over 11.25.

 

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