Triple witching is over...what now in Greece?

Another week in the greek market with a sideways movement. The medium term view with the inverted head and shoulders pattern still has good possibilities to come true. The general index has to overcome the green neckline and the absense of an impulsive wave still makes me wait on the sidelines and ready to get in this market. Better safe than sorry. The General index still resides above the 61.8% area. I hope it is gathering power for a move higher.

One of the major barometer of the greek stock market is National Bank of Greece. Here too we can see the sideways movement of the last week and no clear upward impulsive wave. There is another scenario (aqua coloured) that is seeing significant lower prices. Again volume remains low relative to the Jan-Feb rise and that adds to the scenario that supports we are in a correction to that move and that we have another up leg as the one in the first two months of the year. Again here I stay on the sidelines ready to enter as soon as I see an impulsive wave up. The fact that NBG stays above 50% retracement from January lows, may support the aqua scenario and give a lower low towards the 61.8% retracement near 2€. The yellow scenario to hold we must see this stock rising this week above 2.71€.

A stock that caught my eye was INLOT. Pitchfork support has made the stock bounce on Friday. It has popped out of the short term downward sloping channel and for the stock to continue towards the mid-pitchfork resistance at 0.7350 it must not reenter the downward sloping channel. Next resistance area is 0.91. If that area is broken upwards with increased volume we may see INLOT perform like the banking sector at the first two months of the year. 

PS. International indices analysis will be posted on Monday. Please support the blog by becoming followers and participating by commenting. Thanks for your support.