The four market forces

By Apostolos Manthos

The four giants of the Greek Stock Exchange amassing a capitalization of close to 20 billion euros last month gave a good performance in stocks of +26.70%, which helped in overweighting the maximum climb of the general index to 1218 points or +12.30% from the previous month’s close. For the month of April that was at 1,085 points. Thus, these four groups have the potential to move 20% of the market through their participation in the general index, while contributing to the circulation of their shares to a turnover for the month of May that exceeded 820 million euros. We are talking about OTE, with a capitalization of 6.21 billion euros, OPAP with a capitalization of 5.80 billion euros, Mytileneos with 4.21 billion euros and PPC with 3.78 billion euros.

Moving, now, to the overall schematic analysis, we start with his stock OTE Who seems to be “suffering” in recent months, from the inability to follow the rise of the market as it was before. In fact, it is characteristically lagging on every upward jump and is far from its 2023 high of -9.3% and its 2022 high of -28.5%. However, there is a positive change that occurred in the past sessions and is related to the stock’s flight above the 13.80 euro limit, which it has been suffering from continuously for more than 65 days. Now the big call for buyers is the bullish breakout of the very strong long-term sideways “W” channel at €14.54 to €14.60. An area that coincidentally for over 150 days has been a huge support area for any qualifiers. Therefore, exceeding 14.60 euros for the rise will open the door wide for the stock’s progress towards the very important level of 16 euros, or +11% from the current price levels. Interesting in terms of compatibility with the “strong” side is the breach of the Keltner channel at around €14.82. It is a statistical element in technical analysis, if it is confirmed with an increase in the volume of transactions, it will also mean the change of the main trend from downward to upward. The last time the stock exceeded a drop of 16.22 euros, and after the decline it reached 12.57 euros.

his share OPAP After the decisive bullish breakout above the “Q” downward pressure line at €14 and the subsequent overrun of the sellers’ base in the €15.25 area, it extended its bullish design to the €17.30 resistance coming from… 2010. At the same time in the short term, we see that the stock is performing a healthy pullback Towards the support area of ​​€16 to €15.80 in anticipation of dividends to shareholders whose rights will be cut for a dividend of €0.70 per share on June 6, while for a capital return of €0.45 per share on June 19. Total 1.15 euros per share, which represents a dividend yield of 7.2%. However, OPAP has taught us to continue its upward trend even in the medium term, despite the removal of its distributions. Thus, the planning target of €17.30 remains in our investment plan.

his share Mytileneo (MYTIL) She has an urge. To change the upward “appearance” and become more fashionable by wearing the number 3 in front of the price. Now, after gapping upwards the day after the election, the stock is close to executing its plan. The highest figure he wrote, which, by the way, is a new historic high, is 29.80 euros. As summer arrives, €30 will attract stocks more and more with the end result of crossing over there giving the next chart target €34 or +16%. The point of interest in the possible decline of the stock is at 28.40 to 28 EUR. It should be noted here that Mytileneos will cut the right to a dividend of €1.20 per share on June 27.

The result of the election on the first ballot caused her stock to explode upwards ppc It broke the resistance wall of €8.20 for more than 440 days all the way. One of the defining elements of the movement’s explosion was the capture of €9 with almost no “fight”. This planning level of resistance is now gone, which is of great importance as the huge increase in equity capital occurred as PPC raised the Hellenic Stock Exchange’s historic amount of €1.35 billion. As can now be seen in the semi-weekly price chart, the continuous candle with the large volume of transactions it contains is able to set prices in the range from 10.34 to 10.50 EUR in the next time period. In order to make a significant change in the current bullish scenario, the stock must quickly pass below 9.20 EUR.

* Apostolos Manthos is responsible for technical analysis and investment strategy

** Republished from Kefalio Newspaper