Genikos Deiktis Athinas – Weekly comment

The Athens General Index closed the week near the 2012 high.

It is striking that during this rise banking stocks have been really weak.

The Athens Index has been on an uptrend since the lows made in June. We are on the 5th wave of this upmove. However be very cautious here because the October high at 911 is very close.

A retest of this high is likely, but don’t initiate new long positions now just to catch this target.

The bull market will end if the Index falls below 750 (double low from November).

The technical analysis metrics suggest to keep long positions.

Use a tight stop loss because the move of the last 3-4 days has created some overbought conditions which will have to be worked out.