Wednesday, 16 May 2012

No positive signals for greek stocks yet....

 We revisit National Bank of Greece, after the recent anouncements of the impeding new elections early June. NBG still fighting inside the falling wedge, unable to close above 1,60 although it made a slight move towards those levels, it didn't manage to hold it. News that Greece is planning new elections, pushed the stock towards 1,30. The lower level of the wedge is near and above 1,20 right now. This doesn't mean we will certainly see those levels. A move and daily close above 1,57 can be bullish for the stock.
The banking index is sliding downwards below red resistance line. There is still no sign that a significant turn in the trend is near. Resistance at 183-200. Our strategy stll remains neutral, in cash, watching in the sidelines and taking part only in intraday trades.

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