Thursday, 10 May 2012

National Bank of Greece

NBG is considered the biggest bank in Greece. However with the greek debt crisis, it did not survive the big sell off in banks during the last 3 years. The January-February rally from 1,30 to 3,10 was taken all back.

From a technical point of view the trend is bearish both short and long term. Although the two month rally was with increased volume, the stock managed to pull back to its lows once more, amidst goverment uncertainty and fears of collapse. For now we  just want to see it rise above 1,60 for an initial sign of short term trend change. Next big resitance is the high at 2,14. The market may continue to slide towards 1,30 or even lower. Since this market is so much pressured, I believe the best strategy is to stay aside or make only intraday trades when possible. The slightest 'good' news could make this stock fly like a rocket. So better safe than sorry.

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