Ichimoku Update on Greece Stock Market March 7, 2016
Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH. In the last update, price was heading towards the support at 685.26. We reached this support and bounced off it and now price is trying to get to 856.01. This is the major resistance controlling the bearish trend. If we break this resistance then the Greece stock market can undergo a bullish major pull back. If this resistance holds then the market will have a high probability of retesting the support at 685.25.
Figure 1a: eSignal Ichimoku Weekly chart of Greece Stock market
Figure 1b: eSignal Ichimoku Weekly chart of Greece Stock market Jan 23, 2016
Figure 2 shows the eSignal Ichimoku Daily chart for the Greece Stock market. The weekly resistance is a past Daily resistance. If price gets to this resistance, the daily sentiment will still not be bullish. If the weekly resistance is broken then price will get above the daily cloud and change the sentiment to be bullish.
Thus, the daily time frame is supporting the weekly time.
Figure 2a: eSignal Ichimoku Daily chart of Greece Stock market
Figure 2b: eSignal Ichimoku Daily chart of Greece Stock market Jan 23, 2016
Figure 3 shows the 240 minute time frame for the Greece stock market. The 240m time frame is supporting the daily/weekly time frame. The resistances are matching. The bullish trend will have a high probability of stopping at this value.
Figure 3a: eSignal Ichimoku 240m chart of Greece Stock market
Figure 3b: Current eSignal Ichimoku 240, chart of Greece Stock market Jan 23, 2016
In summary, the Greece stock market is trying to get to the major resistance of 856.01. Once that resistance is reached, the market will be at a critical injunction. If it breaks this value then market will undergo a bullish major pull back. If not, the bearish trend will resume.
In the last update, we provided a “heat map” of the major stocks for the Greece Stock market. Table 1 shows the “heat map” . Since the last update, you can see there are more Green boxes. This occurred once we held the support and started to move towards the major resistance. The move to the major resistance still has not converted the weekly time frames to be bullish which is not good. Also, a lot of the monthly boxes are still red which is not good.
Also, note, BELA-ATH is now green on weekly and monthly whereas MON-ATH is now neutral on the weekly timeframe. Let’s look into this further.
Table 1a: Ichimokutrade Heatmap for Greece Stocks
Table 1b: Current Ichimokutrade Heatmap for Greece Stocks Jan 23, 2016
For awhile, MOH-ATH has been the strongest stock. The heatmap now shows it is weakening which is not good. The leader is starting to lag now….
Figure 4 shows the monthly chart for MOH-ATH. We held the major support at 8.54 and price is “hanging” around this value. It should have held this support and started to move towards the resistance which it is not doing. This is showing weakness and the probabilities are now increasing for this stock to break downwards. With the entire stock market going up, this stock should have broken the major resistance and started a major trend.
Figure 4a: eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock
Figure 4b: Current eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock Jan 23, 2016
Figure 5 shows the weekly chart for MOH-ATH. This is supporting the monthly time frame. Price is slowly “tricking” downwards and trying to get below the cloud. If price gets below the cloud, the support will break and the weekly time frame will change sentiment to bearish. The bullish momentum is going away.
Figure 4a: eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock
Figure 4b: eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock Jan 23, 2016
Figure 5 shows the Monthly chart for BELA-ATH. The sentiment almost changed bearish when the Greece stock market tested the major support but didn’t. Instead, the sentiment stayed bullish and broke a major resistance at 9.77. Price now has a high probability of reaching 12.06. It should get there as the overall market reaches it major resistance.
Once this stock reaches this resistance and the Greece stock market reaches it’s resistance, it will be critical to monitor both to see what happens next. We will monitor both in the next couple of weeks.
Figure 5: eSignal Ichimoku Monthly chart of BELA-ATH Greece Stock
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