Ichimoku Update on Greece Stock Market Jan 23, 2016

Ichimoku Update on Greece Stock Market Jan 23 2016

Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH.    In the last update, price as at the the minor resistance value is at 940.11.    If price held this minor resistance then we would have a high probability of retesting the support at 834.55 and break it.    Price got the support and broke it.   There is now a high probability of reaching 685.26.

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Figure 1a:  eSignal Ichimoku Weekly chart of Greece Stock market Jan 3, 2016

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Figure 1b:  Current 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 bearish momentum is very strong.    Price may go through a minor pull back but the red line resistance has moved down to the major support it broke.

We will examine the lower time frames to see if they give us any indication if we are going to go through a minor pull back or try to go test the support at 685.26.

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Figure 2a:  eSignal Ichimoku Daily chart of Greece Stock market Jan 3, 2016

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Figure 2b:  Current eSignal Ichimoku Daily chart of Greece Stock market

Figure 3 shows the 240 minute time frame for the Greece stock market.    The 240m time frame is supporting the daily/weekly time frame.   There is a minor resistance on the 240m at 802.29.   This resistance value will control if the daily time frame goes through a minor pull back.

Figure 3a:  eSignal Ichimoku Daily chart of Greece Stock market Jan 3,2016

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Figure 3b:  Current eSignal Ichimoku Daily chart of Greece Stock market

In summary, the Greece stock market is trying to get to the major support at 685.26.    As long as the 240m resistance at 802.29 holds, there is high probability of getting to this support within the next couple of weeks.

In the last update, we provided a “heat map” of the major stocks for the Greece Stock market.      Table 1 shows the “heat map” .    In this table, we illustrate the heatmap from 2 weeks ago and the current one.   You can see majority of the green boxes indicating bullish are now bearish.   Some green boxes remain.    These are the stocks in the Greece stock market that are trying to go against the over all bearish trend.

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Table 1a:  Ichimokutrade Heatmap for Greece Stocks Jan 3, 2016

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Table 1b:  Current Ichimokutrade Heatmap for Greece Stocks 

For over 1 month, MOH-ATH has been the strongest stock.  Notice this week, the lower time frames are now red but the Monthly is still green.   Let’s examine what is going on with what used to be the strongest bullish stock which is not going up with the markets.

Figure 4 shows the monthly chart for MOH-ATH.    On the last update, we talked how this instrument can undergo a pull back to 9.07 due to the overall market.     This was a multiple time frame support.   The next major support for the monthly was 8.54 but if it pulled back to this level then the lower time frames will start to be neutral to bearish.   Price didn’t hold the 9.07 level and went to the next support and now held it.   Let’s examine what the damage was done pulling back too far by examining the lower time frame.

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

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

Figure 5 shows the weekly chart for MOH-ATH.    We use the green line support minus a buffer as a stop.    The pull back was so severe on that the people that were bullish on the weekly time frame have now been stopped out.     The probabilities are now high for price to consolidate now to go back to bullish or change sentiment to bearish.

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Figure 4a:  eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock Jan 3, 2016

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

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About the Author Manesh Patel