Friday, 11 May 2012

NBG rejected at resistance

Yesterday NBG and the rest greek banks rallied due to the hopes of the creation of a new goverment by most political parties. As mentioned in yesterdays update NBG's falling wedge had resistance at  1,60-65 area as shown on the chart. Although it managed to reach those levels, the pull back was fast and violent towards 1,57 and below the resistance. Recent lows at 1,32 might be revisited if politician efforts prove fruitless. Daily closes above 1,60 would reinforce bullish trend towards 2. 

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