The Stock Exchange finds triple support

The Athens stock market is currently trying to establish itself above the 200-day moving average, which is once again finding the supports to overcome the morning pressures and move into positive territory.

In particular, the General Index registers gains of 0.27% at 872.19 points, while the turnover is at 26.2 million euros and the volume at 18.4 million pieces. An increase of 0.33% was recorded by the FTSE 25, at 2,115.20 points, while the banking index gained 1.03% at 570.38 points.

The pattern of initial nervousness followed by positive sentiment is repeating itself today, with the ASE managing to absorb the profit taking moves and currently moving above 870 points. Today he has on his side the “trio” of Piraeus, PPC and Ethniki, which seem to offset the pressures on Coca Cola, Motor Oil and OTE.

If it manages to close positive today as well, then the market’s bullish streak will extend to seven sessions, with the tally during this period reaching 50 points. In fact, from the middle of July, when the market began its recovery, the gains of the general index will “touch” 10%, while also improving the technical image of the market, as it will have crossed the 200-day moving average, on 866 – 867 units. In this scenario, the path to the next resistance level at 880 points is open, with the market having significantly improved portfolio confidence.

The protagonist this time is the banking sector, with the sector, as observed by Apostolos Manthos, having split upward both the medium-term downward pivot “Q” and the horizontal resistance line at 515 to 510 units. The next upward target is located at 575 points with the main entry of the index within the range of 600 to 622 points, which at the moment seems difficult due to the strong percentage movement without a particular breather stop. What should not be lost from the hands of the buyers is in the bullish gap caused on Monday at around 526. A bearish break below that will reverse the existing short-term scenario.

Dashboard

On the scoreboard now, Piraeus gains 3.32%, with PPC at +2.77% and Ethniki at +2.09%. Ellactor and Lambda are up 1.2%, while ADMIE, Hellenic Petroleum, Quest, Alpha Bank, ELHA, Mytileneos, OPAP, Titan, Biohalco and Jumbo are moving slightly upwards.

On the other hand, EYDAP loses 2.48%, with Coca Cola and Aegean at -1.18% and -1.12% respectively. PPA, Motor Oil, Eurobank, OTE, GEK Terna and Sarantis are slightly down. Terna Energy is unchanged.