May 14, 2024

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

Look how they trampled on her like that..

Look how they trampled on her like that..

Written by the Apostle Menthos

There then, where last Tuesday at 1,357 GSI units, the “Team” of negative thoughts and muttering donned a very tight diving suit, put on oxygen bottles, mask and fins to dive to the first bottom of 1,280. Standard & Poor’s (S&P) and Hellenic Statistics Authority (ELSTAT) units It came with the worst and ruined everything for them. There goes the amazing immersion. Searching for coral reefs, they delved deeper and found themselves splashing about in the shallows with young children, tiny arms and water pistols. Look how they trampled on it like that.

But that's, frankly, where they were so prepared and so perfectly orchestrated with their “bathtub” war-based “sell” strategy, because that's probably what it's all about. Between Israel and Iran, S&P came in like a god to the machine and did more… Development. The Greek economy, a few months after investment grade. But, after all, couldn't such haste wait a little longer for them to “play” their insulting game? And this “bad” was not enough, as “Elstat” also came and announced that the preliminary result of the general government for 2023 amounted to 1.86% of GDP, against the target of 1.15% of GDP, which clearly proves the great potential that the Greeks have. The economy has developed. What a lot of nonsense, that is. Now they have managed to wake up the banking machine, pulling the two largest banks by market value, Eurobank and National Bank, to new highs, with the former breaking the €2 barrier and the latter crossing the €7.60 barrier. Now that they've read a bunch of short-selling books and watched the movie “The Big Short” six times.

See also  Generation Z is turning to old-tech cell phones - 'Tired of screens'

But the truth is that as much as it “hurts” those who were preparing for the market to fall, the general index broke the curved accumulation formation between the “W” axis and the “Q” line towards 1414 points. Statistically, this move will give free space to buyers to pull the indicator above the 1500 level. Let me remind you that based on long-term chart analysis, the target, after a strong rally above the pivot point of 1400 units, is located in the area of ​​1725 units or another +20% of the current Price levels. The area in question played the role of resistance seriously in the second half of 2010. It seems that the market has enough money to go within the 325-point range mentioned above, in addition to clear indicators indicating the arrival of particularly positive news. In the companies' first fiscal quarter of 2024, strong developments are also developing in the background, such as major acquisitions, major business deals, interest rate cuts, and high dividend yields even from female bankers, which when they come to light will significantly change the bullish general index data. .

Moving now to the FTSE/ATHEX Large Cap index, we see on the 2-day price chart the bullish breakout of the 3500 resistance area, which, as strange as it may sound, has been going on for 3500 days, more precisely since September 2014. This division, If confirmed in the coming sessions, it is capable of giving the upside to the next resistance level at 3,650 units. Above that, the field will be free for 3,800 units. The recent rise was sponsored by the “Fabulous Five” who control nearly 50% of the index’s movement. I'm talking about Mytilineos Group (МИТИЛ), which since the April lows has registered +18%, Eurobank (ЕВРОВ) with an equally explosive +17%, National Bank (ΕΤΙ) which has risen +11%, and Piraeus (PEIR) with +10%. % and Coca-Cola HBC (EEE) +8%, in fact, with the financial results announced last Thursday for the first quarter of 2024, came to confirm the anticipation. Among the positive news we mentioned, it achieved a double increase of +10% in its net profits to reach 158 million euros, compared to 143 million euros in the corresponding period of 2024, which shows in the best way that it remains stable on a strong growth path.

See also  Automakers stopped production in the wake of the Russian invasion, and other companies are jostling too

It closed with the banking index, which, after an impressive recent rise of +11% from its recent lows of 1,153 points, appears to be knocking on the door of resistance at 1,270 points. A bullish breakout of 1,270 units with increased trading volume will pave the way for the fragile resistance of 1,325 units. However, above that, special attention will be needed, as the next major resistance level lies at 1,500 points, or +18% above current price levels.

* Apostolos Manthos is responsible for technical analysis and investment strategy

** Copied from “Kevalayo” newspaper.