AMOC - EGX : Approaching Key Support ZoneAlexandria Mineral Oils Co.EGX_DLY:AMOCsnourAMOC Daily Chart Alexandria Mineral Oils Co. (AMOC) is currently testing a critical horizontal support zone while exhibiting signs of a potential short-term trend reversal as it approaches oversold territory. Key Observations: Price Action & Support: The stock is putting in a defensive stand right above a solid horizontal support level. This zone is defined by the previous major low at 7.68 EGP (April) and the recent swing low at 7.71 EGP. The current price of 7.80 EGP sits immediately above this floor. Descending Resistance: A clear short-term descending trendline has been capping price action since the mid-May peak. The price is currently squeezing tightly between this downward resistance line and the horizontal support, forming a descending triangle or falling wedge-like consolidation. RSI Indicator: The 14-day RSI has dropped to 34.85, approaching the oversold threshold (30). This suggests that the downward momentum is highly extended and a technical bounce or stabilization is due at this structural support. MACD Indicator: The MACD remains in negative territory with the histogram showing red bars, confirming the short-term bearish momentum. However, a flattening of the histogram lines or a bullish crossover here would confirm a valid entry signal. Trading Plan & Conservative Stop Loss For a conservative trader, entering at these levels offers a highly favorable risk-to-reward ratio because the invalidation point is very close to the current price. Entry Strategy: Conservative entries can be split: either build a partial position near the 7.70 - 7.80 EGP support region, or wait for a confirmed daily close above the descending trendline (breakout above 7.95 - 8.00 EGP) accompanied by an uptick in volume. Conservative Stop Loss: A strict daily closing basis stop loss should be placed just below the major structural floor. A conservative level would be 7.60 EGP (giving it a tiny bit of breathing room below the 7.68 low). If the stock closes below 7.60 EGP on a daily candle, the support structure is officially broken, and the next downside target would open up toward the 7.20 EGP macro-support zone. Upside Targets: * First Target: 8.40 EGP (previous local resistance and swing high area). * Second Target: 8.80 - 9.00 EGP (major supply zone).