Genikos Deiktis -1.24% at close – 28/12

Profit taking hit the Athens market today just one day after Genikos made a closing high for 2012.

Volume was low. However, 2012 was a year of terribly low volume for the Greek market, so no surprises there.

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

The breadth of this 6 month rally has been weak, with the banking sector being the main laggard apparently due to open recapitalisation issues.

Watch the next days closely because of the double-top danger.

Resistance can be found at:

– 919.99 (high 28/12)

– 910.99 (high 22/10)

Next support levels are:

– 894.24 (low 27/12)

– 880.98 (high 12/12)

– 872.33 (low 20/12)

– 855.35 (high 27/11)

– 850.00 (June trendline)

– 833.99 (low 18/12)

– 803.32 (low 30/11)

Petros