Ichimoku Executive Summary for Greece Stock Market

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Ichimoku Executive Summary for Greece Stock Market.  Price started a major bearish trend Sept 2014 and now the market is going through a major bullish pull back being held by the support at 879.16.

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

There are two major resistances for the major pull back.     One at 1072.55 and 1177.89.   There is a minor resistance which is the bottom of the cloud.    Where price holds will help determine the strength of the bullish pull back.

If the resistance at 1177.89 breaks this will force the sentiment on the weekly time frame to go bullish.


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 in a bullish trend heading slowly to the major resistances.

The daily and the weekly support have matched so this is a multiple time frame support.   This is increasing the probabilities of price getting to 1072.55.

Please note, there are a lot of minor resistances on the way to the major.   If the bullish momentum is weak, these minor resistances may hold.


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 strong bullish trend.    No weakness can be seen yet on the charts.


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

In summary, the Greece stock market is going through a short term bullish movement to the major resistances.

In the last update, we provided a “heat map” of the major stocks for the Greece Stock market.      Table 1 shows the “heat map” .   The heatmap has a lot more green in it now with the upward movement.   Notice, HTO-ATH, and MON-ATH are green on the monthly and now BELA-ATH is neutral.   HTO-ATH has made a huge movement upwards to try to go bullish whereas BELA-ATH has weakened.


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.   However, it has not retested his last pivot high yet.   It has taking too long to retest the high which is not good for momentum.    Price is not the only the key element in trading, timing is important too.   W.D. Gann which was one of the most important trader of all time also spoke about price and time “squaring”.  This looks at the relationship of price and time.

Due to the slow movement, a minor resistance at 12.08 has become strong and stopping price.    If price doesn’t start to move forward soon, it can have a high probability of reversing.

It is interesting to see how this stock is stalling when the overall stock market is moving up now.


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

Figure 5 shows the weekly chart for MOH-ATH.    The weekly time frame is still in a bullish trend but it needs to break the resistance at 12.08 soon or it can become weak.


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

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