Genikos Deiktis – 14/1

Genikos Deiktis traded over the psychological level of 1000 today, for the first time since August 2011. The Index has more than doubled during the impulsive low-volume rally that started last summer. However, it could not keep its gains and closed -1,17% at 968.29.

Today’s correction from overbought conditions was not really unexpected, with the banking sector being weak once again, given open issues about recapitalisations and a domestic economy in depression.

Below are the most important technical levels to watch.

There is resistance between 986 and 1000, where a cluster of highs from the last days can be found.

There is support at 960.65 (low 9/01), 957.75 (low 7/01) and 949.09 (low 4/01) where the fall could stop for the time being.

Petros