Q2CY2016 Executive Summary of Greece Stock Market

End of Q2CY2016 Executive Summary of Greece Stock Market. On our last update for the Greece stock market, things were looking good for the stock market.    Price was going higher and had a chance to reach the next major resistance at 1072 as long as support at 879 held.

Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH.

Price tried to get to the bottom of the cloud at 1004 without pulling back but didn’t succeed.   On the pull back, the support at 879 needed in order to hold for price to go reach the resistance at 1177.89.    This didn’t happened!

Instead, price broke the support and it is at a very critical support of 803.00.    If this support is broken, the probabilities will be high for the bearish trend to continue without a major pull back.   The next major support before retesting the 600 level will be 747.00.

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Figure 1:  eSignal Ichimoku Weekly chart of Greece Stock market 

 Figure 2 shows the eSignal Ichimoku Daily chart for the Greece Stock market.   The daily chart is very “ugly”.    You can see the nice bullish trend that started when price came out of the cloud.    It was slowly getting to the major resistance at 1004.23 and then the market started to go through a major pull back.     The daily major pull back support was at 820.00.   As long as this support held, price still had a chance to continue the bullish trend to 1004.

The BREXIT destroyed the bullish trend completely now since the support is broken and price now close below the cloud.      Two situations can now occur, either the markets consolidates or price starts a bearish trend.

As long as the support at 803 holds, we will have a high probability to consolidate.   If it doesn’t, the probabilities for a bearish trend will increase.

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Figure 2:  eSignal Ichimoku Daily chart of Greece Stock market

Figure 3 shows the 240 minute time frame for the Greece stock market.   The 240m is in a bearish trend being held by the weekly support.  If the support breaks, it will continue the trend downwards.

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

In summary, the Greece stock market is at a very critical point.   The support at 803 has to hold.

In the last update, we provided a “heat map” of the major stocks for the Greece Stock market.      Table 1 shows the “heat map” .   Almost everything is now bearish across all time frames.   The good thing is that a lot of the higher time frames have not reached a 2 or a 4 yet.     If they did, a break in the Greece stock market support would trigger long term trends across all the Greece stocks which definitely cause the market to go lower.     Right now, a lot of the daily and weekly are in a 1 or 3 which where they reversed from bullish to bearish.   If they turn into 2 or 4 and the market breaks a support, those stocks will start a bearish trend.

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Table 1:  Ichimokutrade Heatmap for Greece Stocks 

We have been tracking the stock MOH-ATH throughout each update.   Let’s continue the update and see where it is now.  From the heatmap, something has gone on in order for the sentiment to go neutral

Figure 4 shows the monthly chart for MOH-ATH.    The instrument is still bullish.  The major support is 8.56 with a major support at 9.87.     As long as the minor support holds, price can continue the trend.

If we don’t, price will go back to the support at 8.56.     The stock is being influenced by the overall market but it is still very strong.

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

Figure 5 shows the weekly chart for MOH-ATH.    The support at 9.69 is matching the minor weekly support.   The weekly time frame is confirming the monthly.

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

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About the Author Manesh Patel