Nervous profits and waiting in the Stock Market

of Alexandra Tombra

The Athens stock market is moving with small gains today, as it tests its strength near 800 units, while it is waiting for the data on inflation in order to judge the pressures that the economy may continue to face.

In particular, the General Index registers a rise of 0.34% to 797.96 units, while the turnover is at 9.5 million euros and the volume at 5.9 million pieces. The FTSE 25 also recorded gains of 0.35%, at 1,906.70 points, while the banking index increased by 0.71% at 469.28 points.

Attention today will be focused on ELSTAT’s announcement of the consumer price index, with estimates placing it close to 13%, a percentage that no one could have expected a few months ago. Also, the market is awaiting today’s announcement by Fitch on the Greek economy, for which there are significant optimistic estimates.

Technically, however, the level of 800 units, if there is no upgrade from Fitch, is expected to trouble the market, but its upward breakdown will reverse the existing downward trend. From there, the immediate upward strike in the middle of the channel, at around 822 units, is very likely to cause buying interest with a continuation of the movement towards the resistance zone of 840 units, according to Apostolos Manthos. However, in order to do something like this, a lot of “work” will be needed, with the total turnover of transactions exceeding 70 million euros on the day of the bull run.

The change of course by the technical oscillator Relative Strength (RSI) is also positive for the time being, as it did not want to stay below the 40 unit limit any longer. The General Index was at the same oversold price levels at the beginning of last March under the influence of the beginning of the Russian-Ukrainian war. Then followed an initial rapid upward retracement of +11%. But in order for the mentioned bullish scenario to be valid, the index should not cross downwards between 777 and 772 units.

On the dashboard

On the board now, Alpha Bank, Viochalko, Titan, ELHA, EYDAP, Sarantis and Lambda are recording gains that exceed 1%, while Lambda, Piraeus, PPA, Mytileneos, ADMIE, Ethniki and Quest are moving slightly upwards.

Jumbo, OPAP, GEK Terna, PPC, Aegean, Coca Cola and Ellactor move marginally higher, with Terna Energy and Hellenic Petroleum unchanged. On the contrary, Eurobank, Motor Oil and OTE are moving in mildly declining territory.