Ichimoku Update on Greece Stock Market Jan 3 2016
Figure 1 shows the eSignal Weekly Ichimoku chart for the Greece Athens Stock Composite $SAGD-ATH. In the last update, price was approaching the major support at 834.55. Momentum was strong to a point it could possible break it. So far, it hasn’t broken the support to go down further. Price decided to hold this support and go through a pull back to the resistance we illustrated on our last update. This minor resistance value is at 940.11. The major resistance value is 1052.86 which is starting to move down. If price holds at this level now which the major resistance moves down, a major bullish pull back could occur.
The lower time frames will control what is going to happen at this minor resistance level.
Figure 1: 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 daily time frame is indicating that the Greece Stock trying to undergo a bullish major pull back. The major pull back levels will be 958.99 and the cloud. In order to start the major pull back, the weekly resistance which also the last pivot high on the daily time frame at 940.11 has to be broken.
We will examine the lower time frames to see if they give us any indication of what will happen this resistance level.
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 time frame is supporting the daily/weekly time frame. It is at a critical point. The sentiment just changed to bullish. How, price needs to move up to confirm the sentiment change. One bar above the cloud could be a “fluke”.
In summary, the Greece stock market is at a very critical level right now. If price follows through and goes higher on the 240m time frame Monday then it can start a bullish trend which can possible start a major bullish pull back on the higher time frames.
In the last update, we provided a “heat map” of the major stocks for the Greece Stock market. Table 1 shows the “heat map” from two weeks ago.
Table 1: Ichimokutrade Heatmap for Greece Stocks 2 weeks ago
Table 2 shows the heat map today. Notice, there is a lot more green bullish boxes now especially at the lower time frames. The key thing to note is that the upward movement in the last couple of weeks have influenced all the way to the daily time frame. If the markets go higher and break the resistance, the best opportunities are the ones where the higher time frames are green or 0.
Table 2: Ichimokutrade Heatmap for Greece Stocks
Last week, MOH-ATH was 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. Price moved up but now it is going through a normal healthy pull back to the major support at 9.07.
Figure 4: eSignal Ichimoku Monthly chart of MOH-ATH Greece Stock
Figure 5 shows the weekly chart for MOH-ATH. Price is at a minor support now of 9.80. The major support is at 9.07 which is the same support at the monthly time frame. Therefore, the 9.07 is the multiple time frame supporting controlling this instrument being bullish long term.
If price holds this minor support and then breaks the resistance at 10.55, there will be a high probability of breaking the high.
Figure 4: eSignal Ichimoku Weekly chart of MOH-ATH Greece Stock
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