Ichimoku Update on Greece Stock Market April 3, 2016

Ichimoku Update on Greece Stock Market April 3, 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 resistance of 857.12.    We have now reached this resistance value and are consolidating around it.

If this resistance holds, price will start to head towards the major support at 746.37.     The weekly time frame is not giving us any clues on whether we will break it or not.  As a result, we will examine everything on the lower time frames.

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Figure 1a:  eSignal Ichimoku Weekly chart of Greece Stock market 

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Figure 1b:   eSignal Ichimoku Weekly chart of Greece Stock market March 3, 2016

 

Figure 2 shows the eSignal Ichimoku Daily chart for the Greece Stock market.   The sentiment has changed to Bullish.   However, the trend has not started.   In order to start a bullish daily trend, the resistance at 870.00 has to be broken.

The support for the daily does not match the weekly time frame.    The support for the daily is at 782.51.    Since the daily/weekly supports do not match, there is high probability it could break it if reached.

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Figure 2a:  eSignal Ichimoku Daily chart of Greece Stock market

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Figure 2b:  eSignal Ichimoku Daily chart of Greece Stock market March 3, 2016

Figure 3 shows the 240 minute time frame for the Greece stock market.    The 240m started a trend and has already gone through a major pull back and is retesting the last high.     It has a minor support at 834.89 but we are going to dismiss this support since it does not match any other time frame.    The major support for the 240 is 782.51 which matches the daily support and also is the boundary condition between consolidating and bearish.

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Figure 3a:  eSignal Ichimoku 240m chart of Greece Stock market

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Figure 3b:   eSignal Ichimoku 240, chart of Greece Stock market March 3, 2016

In summary, the Greece stock market is consolidating between 782 and 870.00 with higher probabilities towards the bearish side.   If the resistance is broken the the weekly time frame will go through a major bullish pull back which will start a bullish trend on the lower time frames.    If the support is broken, we will have a high probability of continuing the trend and possible breaking the last low.

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 red boxes now.   This is due to the fact, we got to the resistance value and now we are consolidating around it.    This is causing a lot of the bullish movement that occurred to turn bearish or into a consolidation sentiment.

Furthermore, notice the monthly red didn’t change that much.   The bullish movement was not enough to change the sentiment on the monthly time frame.

Also, note, BELA-ATH is Green on the weekly time frame.

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Table 1a:  Ichimokutrade Heatmap for Greece Stocks 

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Table 1b:   Ichimokutrade Heatmap for Greece Stocks March 3, 2016

We have been tracking the stock MOH-ATH throughout each update.   Let’s continue the update and see where it is 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.

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Figure 4a:  eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock 

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Figure 4b:  eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock March 3, 2016

Figure 5 shows the weekly chart for MOH-ATH.    The weekly time frame now has established a major resistance value at 9.88.      Price is now consolidating between 9.88 and 8.55 but the probabilities are increasing for price to get to the support since the Greece stock market went up and this stock didn’t reach the resistance value to break it.

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Figure 5a:  eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock 

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Figure 5b:  eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock March 3, 2016

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About the Author Manesh Patel