Index is in a sideways consolidation since the start of month.

EGX30 Capped: The Sideways Squeeze! ⚡👀
Current Situation

Index is in a sideways consolidation phase since the start of the month. 📉

Price is still trading within the boundaries of the main uptrend channel. ✅

Momentum is building for a breakout or a trendline violation. 🛑

Key Levels

📍 Resistance 1: 58,000 (31.8% Fibonacci Level).

📍 Resistance 2: 59,800 (Pre-ATH Supply Zone). 🧱

📍 Support 1: 55,000 (61.8% Fibonacci Level).

📍 Main Support: 50.5,000 (Historical demand zone). 🛡️

Technical Confluence

31.8% Fibonacci level is the immediate gatekeeper for bulls. 📐

61.8% Fibonacci aligns with the uptrend channel support line. 📊

Price Gap: A break below 55k shows very little liquidity until the 50.5k mark. ⚡

Scenarios (Bullish & Bearish)

🟢 Bullish: A clean break and hold above 58,000.
This opens the door to 59,800 and sets the stage for a new All-Time High (ATH) test. 🚀

🔴 Bearish: A break below 55,000 with high volume.
This violates the uptrend channel and triggers a significant correction toward the 50.5k main support level. 📉

Clear Warning / Confirmation Note

Watch the trendline! 🚨

If you like my posts, please follow and boost 🙌