Long positions are still intact as long as the following support levels hold:
– 949.09 (low from 4/01)
– 930.55 (low from 3/01)
– 910.99 (high 22/10)
– 907.90 (gap from 31/12)
– 880.98 (high 12/12)
– 855.35 (high 27/11)
– 850.00 (June trendline)
– 833.99 (low 18/12)
– 803.32 (low 30/11)
Genikos Deiktis has more than doubled during the impulsive 6-month upmove that started at the multi year lows of 471.35 in June 2012.
In general, this has been a low volume rally, built on the lack of negative surprises about the country’s financing and positive sentiment across other risk markets globally.
The banking sector has been the laggard during the rally, given open issues about recapitalisations and a domestic economy in depression.
A profit taking correction of significant magnitude has been long overdue and could be swift, so please honor the stop loss levels on long positions. This is a bull within a huge bear market.
Avoid short positions at all costs even in this short term overbought market.