Banks appear to be leading the rally in the first two months of the new year, with the banking index for the first time in 130 days crossing the 1,083 to 1,078 unit area. In fact, if this crossing is accompanied in the coming sessions by a significant bank turnover, it is very likely that bank stocks will have entered the bars to move to the next chart price stations, recording new highs on the board.
That is, Eurobank will spend more than 1.72 euros or +4.05% of current prices, the National Bank will pay 6.514 euros, knocking on the next door because it only wants +0.87%, Piraeus 3.596 euros or +9.17% and Alpha at 1,682 euros or +6.90%. So the banking index will also cross its high of 1118 points now to open the graphical window of 1235 points or +14% of the price it is trading at now. The distance between banking stocks from their new highs is now less than €1 billion, with the total capitalization of all four banks at their highs standing at €20.788 billion, while it now stands at €19.855 billion. easy…
From individual schematic analyzes h Eurobank On the three-day price chart, it appears to have entered the EUR 1.60 support area and gained momentum to cross the EUR 1.72 point. A move above that will now change the stock’s strategic level giving room for buyers to move towards the next chart destination which is only €2 or +20%. The trading volume of the division will be large as it must fill the buyers’ tank with fuel for the upward journey.
National Bank (NBG) is the one that will break the door to new highs first, as as we mentioned, the highs it reached last August are right next to it in a breathtaking distance. The key element in the recent rally following the highly successful initial public offering of the 22% stake held by the Financial Stability Fund at €5.30 is that short selling failed to lift the stock even to the expected initial liquidation level of €5.80. Instead, the stock fell slightly to just below the €6 mark and then once again took the upward path, meaning that those who entered not only cashed out their money, but very likely also bought other shares anticipating higher prices of course. Graphically, after the €6.50 level, the stock will start talking at €7.
Piraeus Bank (PIIR) which is awaiting its full privatization in early 2024 with the disposal of 27% from the Financial Stability Fund is shown on the two-day price chart that it is heading towards the EUR 3.35 resistance area. Passing above that would give the board the 3.60 to 3.55 EUR highs zone. Here the market can wait to see the offer price but this particular stock has shown us in the past that it has the ability to turn into a raging bull in a glass shop in a short period of time by breaking one high after another. So waiting may cause the investment napkin to shake from higher quarters. However, the 4 euros will not survive the looting.
It closed with Alpha Bank (ALPHA), as it prepares to break the EUR 1.58 resistance area and move in 126 days towards the EUR 1.6820 highs. It is precisely there that the stock will show its strategic mood for 2024. A move above that level with strong trading volume will open the door to EUR 2 now. It is the price that the stock has seen since June 2018, just before the stock exchange went to the roadshow in New York and heard from the train from representatives of leading foreign funds about the unreported Folli Follie scandal for which unfortunately to this day they are responsible. They were not directed to where they should have been for a long time. Of course, Alpha has traveled planetary distances from 2018 to today. The same with the Greek Stock Exchange. How hard is it to get 2 euros?
* Apostolos Manthos is responsible for technical analysis and investment strategy
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