Egypt Traders Corner

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... More

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 Less