RUBEX Technical Analysis with Gann Chart (EGX)This chart evaluates the price movement of Rubex International for Plastic and Acrylic Manufacturing (RUBEX) using Gann angles and critical support/resistance levels. The Gann grid highlights key price pivots and potential future trajectories.
Key Observations:
Current Price:
RUBEX is trading at 7.11 EGP, sitting close to the 225° (7.285) Gann resistance level.
Gann Angle Levels:
Support Levels:
180° ($5.998) is a significant support, followed by 135° (4.836) and 90° (3.799).
Resistance Levels:
225° (7.285) acts as immediate resistance.
270° (8.697) and 315° (10.234) are critical higher resistance points.
Momentum Indicators (RSI):
The RSI is at 56.89, which indicates a neutral-to-bullish sentiment.
RSI trends upward but has not yet entered overbought territory (above 70).
Historical Trends:
The stock has experienced significant volatility, with sharp peaks and troughs corresponding to the Gann angles.
The chart suggests that periods of consolidation are followed by rapid price movements.
Convergence Zone:
The intersection of price levels and Gann angles near 180° and 225° creates a zone of heightened activity.
The vertical yellow line marks a time-based pivot for potential price acceleration or reversal.
Scenarios:
Bullish:
A breakout above 225° ($7.285) could propel the price toward 270° (8.697) and potentially higher to 315° (10.234).
Sustained buying pressure, coupled with a rising RSI, would confirm the bullish scenario.
Bearish:
If the price fails to hold 225° (7.285), it may retrace toward 180° (5.998).
A declining RSI or reduced trading volume could signal further downside.
Trading Recommendations:
For Short-Term Traders:
Look for breakouts or rejections at 225°.
Use the 270° and 180° levels for profit-taking or stop-loss settings.
For Long-Term Investors:
Accumulate positions near major support levels (180° and 135°) if price retraces.
Key Watch Points:
Monitor RSI movements to gauge momentum shifts.
Keep an eye on trading volumes near critical price angles.
This analysis provides a structured approach to understanding RUBEX's price action and potential future movements using Gann techniques.
