AMOC - EGX: Overview updateAlexandria Mineral Oils Co.EGX_DLY:AMOCsnour 1. Price Action & Structural Support The Double Bottom / Key Support Test: The stock has established a strong horizontal support zone around 7.68 – 7.70 EGP. It tested this area in late April/early May and successfully retested it in late June, creating a solid base. Trendline Breakout: The blue descending trendline, which governed the correction from the May peak (~9.10 EGP), has been clearly broken to the upside. Current Position: The stock is currently trading at 8.18 EGP, successfully holding above the minor psychological level of 8.00 EGP after clearing the trendline. 2. Momentum Indicators RSI (14): The Relative Strength Index dropped close to the oversold boundary (30) during the late June dip and has since recovered strongly, currently pointing upward around the 50-60 mid-range. This indicates that buying momentum is returning without the stock being overbought yet. MACD (12, 26, 9): There is a clear bullish crossover below the zero line that occurred in late June. The MACD line (blue) has crossed above the signal line (orange), and the histogram has turned positive (green bars expanding upward), confirming a shift from a bearish to a bullish regime. Technical Outlook The chart shows a classic reversal setup. The successful defense of the 7.68-7.70 support zone, combined with a descending trendline breakout and confirming bullish momentum on both the RSI and MACD, favors the upside. As long as the price sustains daily closes above the 8.00 EGP area, the immediate path of least resistance is toward the 8.60-8.70 region, with an extension potential back toward the 9.10 swing high. Level Type Price (EGP) Significance Immediate Support 8.00 Psychological level and recent breakout retest zone. Major Support (Stop Loss) 7.68 – 7.70 Crucial structural floor; a daily close below this invalidates the bullish setup. First Target / Resistance 8.50 – 8.70 Intermediate peak zone from late May. Major Target 9.10 The May swing high. Ultimate Target 9.90 The long-term resistance level marked on your chart.