The Stock Market plays defense to the sellers

LAST UPDATE: 15:21

In a defensive position above the 200-day moving average is the Athens Stock Exchange, which although it tried to move above 870 points, the supports it found were fragile, allowing sellers to dominate the majority of its securities.

In particular, the General Index recorded losses of 0.17% at 868.31 points, while the turnover is at 43 million euros and the volume at 27.5 million pieces. The FTSE 25 also fell by 0.18%, at 2,104.59 points, while the banking index lost 0.17% at 563.62 points.

The pattern of initial jitters, followed by moves to improve sentiment, but also sellers holding on, is being repeated today, with the ASE trying to absorb profit-taking moves. Signs on many securities are volatile, but there is no shortage of pressures on securities that maintain negative sentiment.

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.

On the dashboard

On the board now, EYDAP is losing 2.36%, with Coca Cola, Motor Oil, Aegean, Eurobank and Hellenic Petroleum following with losses of more than 1%. PPA, Alpha Bank, Sarantis, OTE, GEK Terna and Viohalco are moving slightly down.

On the other hand, Ellactor and PPC each recorded gains of 2.9%, while Ethniki and Titan rose by more than 1%. Lambda, Piraeus, Mytileneos, OPAP, ELHA and ADMIE move slightly upwards, while Jumbo, Quest and Terna Energy are unchanged.