Ichimoku Update on Greece Stock Market Dec 13

Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH.    In the last updated, we stated that “there is a high probability of reaching the support at 940.11.    If this support is broken, price will retest the low and could break it”.  Not only did we break the support but we retested the low all within 2 weeks.   The bearish momentum is still very strong that we could break this support at 854 and continue to go lower.

greece_figure1

Figure 1:  eSignal Ichimoku Weekly chart of Greece Stock market

 

Figure 2 shows the eSignal Ichimoku Daily chart for the Greece Stock market.   The weekly support/resistances are shown on the daily time frame.     The daily time frame is in a bearish trend that is holding the short term resistance.   This is indicating that the trend is very strong.   In fact, not even a minor pull back has occurred yet because all the indicators are pointing down.    If a pullback occurs, the indicators will flatten out giving us some key resistance values to look at.   At this time, there is no resistance values that

greece_figure2 Figure 2:  eSignal Ichimoku Daily chart of Greece Stock market

 

Figure 3 shows the 240 minute time frame for the Greece stock market.    In the last update, we stated the following: “the 240m time frame is now controlling the probabilities for the daily time frame.     If price closes below the cloud on the 240m then we will have high probability of reaching the support of 940.11”.    Once price got below the cloud on the 240, it drastically increased the probability of the Greece stock market breaking down into a major trend.     The 240 is now in a major trend with a resistance at 899.33.    As long as this resistance holds, the probabilities are high to reach the next weekly support at 789.15.

greece_figure3

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

 

In summary, the Greece stock is now in a major bearish trend since all the time frames are bearish trending.     In order for a pull back to occur, price has to break the resistance at 899.33.    As long as this resistance holds, price now has a high probability of reaching the support at 798.15

In the last update, we provided a “heat map” of the major stocks for the Greece Stock market.      Table 1 shows the “heat map” from two weeks ago

greece_table1

Table 1:  Ichimokutrade Heatmap for Greece Stocks 2 weeks ago

 

Table 2 shows the heat map today.  Two weeks ago, price was still in the daily cloud which was still allowing some stocks to be bullish on time frames lower than Weekly time frame.    Now, price is below the cloud on the cloud on all time frames except Monthly.    Notice, the green is going away almost.
greece_table2

Table 2:  Ichimokutrade Heatmap for Greece Stocks

 

From the heatmap, the strong bullish with the overall market bearish is MOH-ATH.    Two weeks ago, it was BELA-ATH and then MOH-ATH.  Let’s look at the chart and see what happened with BELA-ATH (Figure 4).   Price on the weekly time frame was traveling through the cloud to get the major resistance at 10.14.   This was a multiple time frame resistance.    Instead of reaching this resistance, it stopped at a minor resistance and started to go down and closed below the cloud.    In order for BELA-ATH to survive the overall bearish market, price had to get above the weekly cloud which it couldn’t.

greece_figure4

Figure 4:  eSignal Ichimoku weekly chart of BELA-ATH Greece Stock

 

Figure 5 shows the weekly chart of MON-ATH.   Notice is above the cloud and in a bullish trend with a support at 9.05 holding it up?  However, the price on the daily is in the cloud.   If it gets below the cloud, the sentiment on the daily and the lower time frame can change to bearish which will not be good.    The overall market cannot have price get below the daily cloud.    If it did, this stock will no longer be bullish.

greece_figure5

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

 

 

 

If you would like to learn how to trade like an institutional trader or learn more about our multi-timeframe email alerts, go to www.ichimokutrade.com or email us at info@eiicapital.com

EDUCATIONAL USE. Commodity Futures Trading Commission, Forex, Futures, Equity and Options Trading has large potential rewards, but also has large potential risk and may not be suitable for everyone. You must be aware of the risks and be willing to accept them in order to invest in these markets. Do not trade with money you can not afford to lose. This is neither a solicitation nor an offer to Buy/Sell. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this document. The past performance of any trading system or methodology is not necessarily indicative of future results. All information provided on the Blog is for educational purpose.

About the Author Manesh Patel