Ichimoku Executive Summary for Greece Stock Market
Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH. In the last update, price was at a major resistance of 857.12. This was a very critical resistance. If the resistance is broken then maybe the Greece Stock market can go through a Major bullish Pull back. If it held, price will start to move towards the support at 746.37 to continue the bearish trend.
Price broke the resistance but still has not followed through and gone higher. We will see what is going on the daily time frame to determine the next resistance and see if the market can follow through and go higher.
Figure 1a: eSignal Ichimoku Weekly chart of Greece Stock market
Figure 1b: eSignal Ichimoku Weekly chart of Greece Stock market April 3, 2016
Figure 2 shows the eSignal Ichimoku Daily chart for the Greece Stock market. The daily time frame is trying to enter a nice bullish trend to the resistance of 958.39. The Daily and Weekly supports are matching so this is a very strong support. This increases the probabilities of reaching the resistance.
Finally, some good news for the Greece Stock market.
Figure 2a: eSignal Ichimoku Daily chart of Greece Stock market
Figure 2b: eSignal Ichimoku Daily chart of Greece Stock market April 3, 2016
Figure 3 shows the 240 minute time frame for the Greece stock market. The 240m is telling the same story as the Daily/Weekly time frame. The support is the same so the swing traders are agreeing with the long term traders.
Figure 3a: eSignal Ichimoku 240m chart of Greece Stock market
Figure 3b: eSignal Ichimoku 240, chart of Greece Stock market April 3, 2016
In summary, the Greece stock market is going through a short term bullish movement to the resistance of 958.39. If this resistance breaks then the Greece Stock market can go through a long term bullish major pull back.
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.
Since the market is trying to go higher in the short term to the major resistance, the stocks with a green on the higher time frame are the strongest bullish. The two strongest are MOH-ATH and BELA-ATH.
Table 1a: Ichimokutrade Heatmap for Greece Stocks
Table 1b: Ichimokutrade Heatmap for Greece Stocks March 3, 2016
We have been tracking the stock MOH-ATH throughout each update. Let’s continue the update and see where it is now.
Figure 4 shows the monthly chart for MOH-ATH. This has been the one stock that has shown bullish sentiment in an overall stock market that has been bearish. The support that has been holding this stock bullish long term has been 8.55. A new minor support now at 9.05 has been formed. Supports going higher is always a good sign.
If the overall stock market reaches the major resistance, this stock show reach the pivot high. This is forecast. Of course, the minor support has to be maintained in order for this forecast to occur.
Figure 4a: eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock
Figure 4b: eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock April 3, 2016
Figure 5 shows the weekly chart for MOH-ATH. The weekly time frame is supporting the monthly. Price has not gone below the cloud to change the sentiment to bearish at all. In fact, price followed on top of the cloud to break the major resistance at 9.87. Now, price is above the cloud and above the green line trying to get to the resistance.
Figure 5a: eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock
Figure 5b: eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock March 3, 2016
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