Genikos Deiktis Athinas at new intraday high for 2012

Genikos Deiktis made a new high for 2012 on an intraday basis today. We now have to see if it maintains those levels on a closing basis.

As we said in a previous post (22/12) a retest of the previous yearly high from October 2012 at 911 was very likely. Indeed this happened today.

The Athens Index has been on an uptrend since the lows made in June. We are on the 5th wave of this upmove.

My technical analysis metrics suggest to keep long positions but keep an eye on the closing price today for confirmation of the new high.

Use a stop loss because double-top danger is still there.

Next support levels are:

-873.73 (high from 11/12)

-855.35 (high from 27/11)

-850.00 (support from June trendline)

-833.99 (low from 18/12)

-803.32 (low from 30/11)

It is striking that in the last months and during the rise of the General Index, banking stocks have underperfomed.

In case of questions please contact me.

Petros