Iron & Steel for Mines & Quarries (EGX)Iron & Steel for Mines & QuarriesEGX_DLY:ISMQIbrahimTarek📊 Market Structure & Pattern The stock has formed a rising wedge / harmonic (A–B–C–D) structure. Price is currently near the upper boundary, which is typically a reversal zone. Recent price action shows rejection from highs (~7.8 EGP) → early signs of weakening bullish momentum. 🔑 Key Levels 🔴 Resistance / Sell Zone 7.25 – 7.55 EGP → Strong supply area Current price (~7.23) is this sell zone 🟢 Support Levels 5.90 EGP → First downside target (T1) 4.70 EGP → Major support (T2) ⚠️ Invalidation Level 8.15 EGP → Daily close above this level cancels the bearish setup 🎯 Trade Setup (Bearish Bias) Sell Entry: 7.20 – 7.40 EGP Stop Loss: 8.15 EGP Target 1: 5.90 EGP Target 2: 4.70 EGP 💡 Rationale: Price is at upper wedge resistance Pattern completion suggests trend exhaustion Weak follow-through after recent highs Attractive risk/reward profile (up to 1:4) 📉 Price Action Insight Failure to break above 7.80 EGP indicates seller pressure Early formation of lower highs (on smaller timeframes) → accelerated downside move 📈 Volume Analysis Volume spikes near the top suggest distribution Lack of strong continuation confirms buyers losing control ⚠️ Alternative (Bullish Scenario) If price breaks and closes above 8.15 EGP: Bearish setup becomes invalid ❌ Trend shifts to bullish continuation Potential upside: 8.80 – 9.50 EGP 🧠 Professional View Bias: Bearish Strategy: Sell into strength within current zone Avoid buying unless a confirmed breakout occurs ✅ Conclusion This is a high-probability reversal zone Best approaches: Aggressive traders: Sell now with strict risk control Conservative traders: Wait for a break below 7.00 EGP for confirmation