“Greek Stocks Plunge Most in Decades as Market Reopens in Crisis” was the title of the Bloomberg article that popped up on my phone this morning as I woke up.
After 5 weeks, the market finally opened and price did move for sure! Let’s look at the charts instead of looking at any more articles on what is really happening with the Greece Stock market.
Below is the daily chart provided by Esignal. During the day, we did break the support of 967.92 and went all the way to 913.03. However, the market has moved back above the support of 967.92. Where the market closes will be the key to see if the support holds or fails. Even if we hold the support, price still has to break a lot of resistances in order to decrease the probabilities of retesting the low and breaking it.
Below is the weekly chart provided by Esignal. The pattern is a “slow” downward pattern.
Below is the monthly chart provided by Esignal. Notice, the market drastically reversed from the high’s in 2007 and has been going down. 907 is a critical monthly support. If that breaks then we will retest the low and have a high probability of going lower because the major pull back from 2012 to 2014 was not strong so the bears still have a lot of momentum.
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