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It seems that the “Greek” does not care. He wants to try again or even worse he wants to smell the stench of the 2015-2016 biennium again. In other words, the days when we were daily in the global media as the laughingstock of the Eurozone. At a time when all Greeks walked around with the humiliating GREXIT label around their necks, they lined up at cash machines to withdraw the insane sum of 60 euros, they saw their money locked up in “closed” banks and felt on their skin what the words economic limitation, economic annihilation and economic destruction mean. And this saying “cut” the deposits had become synonymous with terror. At the time when we walked around with drachmas in our pockets singing “nonchalantly” Samantha Fox: “Touch me, touch me now…”.
The whole current scene is something analogous to taking the sock off a sweaty foot, feeling the intense bocha but not getting enough of it. Don’t settle for that. You really want to bring the sock up to your nose to “enjoy” up close what has already spread in the room. There, try again.
From what it seems, the “Greek” likes to waste on Demeter, Zeus, Odysseus, Calliope, Poppi and so on. “I will close, I will liquidate, I will nationalize, I will print…”. Words from other dark years of democracy. But the misfortune is that the “Greek” of confusion, of echithelism, of backwardness, of roufa-cafedouba, the killer of the neighbor’s goat, him or me or no one, did not understand that this time In addition to the country’s possible financial suicide there is also a rather uneasy neighbor to the east framed in a fragile new global geopolitical environment where territorial war ambitions thrive. A neighbor with a strong war industry who will think more and more of testing its products on the backs of our children since they will unfortunately be the ones who will go to the front line. A “hungry” neighbor who eagerly seeks the slightest weakness in us to start his plan for the sultan. That’s why “Hellenes”… “To bis esamaretan t’ this no sage man”.
Turning to the Athens Stock Exchange, the General Index, clearly disturbed by the parade of “old” names, lost support by 1,100 units. You see, the market is giving more weight to Dimitra than rating agency S&P’s upgrade of the Greek debt outlook from positive to stable, the great success of creating even a marginal primary surplus for 2022 in the midst of energy, inflation and geopolitical crisis and of course the significant increase compared to the target set in the execution of the state budget for the first quarter of 2023 with the existence of a primary surplus of 3 billion euros on the 28 million euros they were expecting. Schematically therefore, the General Index fell below the bar of 1,100 units (the article was written last Wednesday) testing the solidity of the next support zone of 1,080 units. A possible downward breakdown of this area will also pave the way towards the 1055-1020 range. A negative development so far is the creation of a second local peak at a level below 1141 units.
In the large-cap FTSE/ATHEX Large Cap index, the loss of support at 2,670 points caused a rapid “flight” to the area where the 34-day Fibo simple moving average intersects between 2,610 and 2,600 points. A potential break lower below this short-term moving average will turn on the light at the first point of support at 2,560. a negative element.
In the banking index, the short-term picture seems clearer with its massive refusal to exceed the level of 845 points which is the figure corresponding to the 1,100 points of the general index and 2,670 points of the FTSE 25. The no -splitting of 845 points strengthened the short side by pushing the indicator above the support line “S” at around 785 points. The confirmed bearish bypass of 785 points at the daily price close will give bearish ground towards the 750-734 point area, spoiling the banks’ attempt to stabilize at price levels from which they can begin a new bullish move. Levels such as 1.30 euro for the Eurobank share, 4.70 euros for the National Bank, 1.20 euro for Alpha Bank and 2.20 euros for Piraeus.
Finally, in terms of the FTSE/ATHEX Mid Cap index, it appears to schematically “end” it at the 1650-1630 point resistance area and just below the long-term “W” bearish pressure swing that defines the rising peaks. movement over the past decade. As long as the indicator struggles to write values above 1,650 units, it will declare itself fatigued by cultivating a pullback towards the 1,560 unit point.
* Apostolos Manthos is responsible for technical analysis and investment strategy
** Republished from Kefalio newspaper
