EGX 30EGX 30 IndexEGX_DLY:EGX30IbrahimTarek🔍 Technical Analysis Summary: 📍 Sell Entry Point: Price: 33,196.164 This level represents a potential reversal zone after testing a strong resistance area. Signs of buyer exhaustion suggest a possible downward move. 📍 Stop Loss (SL): Level: 33,707.466 Positioned above a key resistance zone (highlighted in red). If price breaks above this level, the bearish setup would be invalidated. 📍 Target Levels (Take Profit): Target 1 (T1): 31,693.736 A well-established support level tested multiple times. A likely bounce zone. Target 2 (T2): 31,300.428 A deeper support area. This level offers a more extended profit target if bearish momentum continues. 📈 Price Action & Trend Insight: The recent movement shows a temporary bullish correction, but momentum is fading near the resistance zone between 33,472 – 33,707. A possible double-top pattern has formed, indicating weakness in buying pressure. If the price breaks below 32,900, this could trigger accelerated selling toward T1 and T2. 📌 Additional Notes: ✅ Risk-to-Reward Ratio: Risk (SL to Entry): ~510 points Reward to T1: ~1,500 points Reward to T2: ~1,900 points This offers a favorable risk/reward setup for short sellers. ✅ Candlestick Behavior: Reversal candles appear near the resistance area, confirming possible trend exhaustion. 📊 Conclusion: This setup indicates a high-probability short trade below 33,200, with confirmation needed through price weakness. A strict stop loss at 33,707 should be maintained to manage risk effectively.