New dip in the stock market – Long-term support is being tested

The Greek market started in a round of liquidations this week as well, which is one day behind due to yesterday’s holiday and thus differs from the upward reaction of European indices, with the view remaining firmly focused on developments in Ukraine.

In this climate, the General Index recorded losses of 2.2% and is moving at 802.17 points, while earlier it had lost all 800, as well as the FTSE 25 which also falls by 2.3% and trades at 1,925 points.

In fact, the Greek stock market, which started the week trading today due to the Net Monday holiday, follows yesterday’s movement of the European markets, although today they are showing a significant upward reaction with gains of more than 1%.

In any case, the pace of world markets is determined by developments on the Russia-Ukraine war front, which continues unabated and with no signs of de-escalation, intensifying risk aversion internationally.

In the same context, energy prices continue to rise sharply, with oil now stabilizing above $ 120 a barrel and gas significantly above 200 euros per megawatt hour, raising strong concerns about the risk of stagnant inflation in Western economies, which were already experiencing significant inflationary pressures before the conflict.

As far as the Greek stock market is concerned, the zone of 780-800 units is now considered critical, which shows that it is being tested today, while in the background, 750 units appear as long-term support.

As Vitalfinance’s Giannis Giaprakis comments, “The Net Monday holiday brought the pressure of yesterday’s world markets to ours with a delay of one day. The markets are destabilized and any forecast seems uncertain for the time being, although they are tested in the long run.”

According to him, “volatility and nervousness are expected to continue and any upward movement is currently perceived as a reaction to the main downward trend.”

On the board

Coca Cola and Aegean are under the most pressure and fall by 4.55% and 4.3% each, respectively, Ellactor shows losses of 4%, followed by banking shares with the NBG, Alpha Bank and Eurobank, all falling above 3.3% while Piraeus falls by 2.7%.