Upward efforts in the Stock Market

The Athens Stock Exchange is currently trying to test the 200-day exponential moving average, as on the sidelines of the critical announcements on inflation in the US, which is the main policy catalyst of the Federal Reserve, it manages to widen its gains.

In particular, the General Index registers gains of 0.70% at 865.51 points, while the turnover is at 11.3 million euros and the volume at 4.7 million pieces. An increase of 0.65% was recorded by the FTSE 25, at 2,084.00 points, while the banking index gained 0.76% at 552.94 points.

Although the ASE is on the fringes of the exponential KMO, it cannot disengage from the main catalyst of today’s (and not only) session worldwide, which is none other than the long-awaited US inflation data. And as the certified analyst Petros Steriotis comments, pending tonight’s data on US inflation and given the high correlation between all bonds including the Greek ten-year bond, its yield remains higher than 3% which proves to be particularly ambitious and … deflationary.

As long as the market remains below the 200-day exponential moving average at 866.55, its trend remains bearish. Therefore, to test the next level of 870 units, it will have to break through the exponential KMO 200. Support is at 840 and 815 units, the test of which is more likely at present, although the General Index has created a safety cushion.

Also, according to Mr. Steriotis, the Banking Index is trying to secure levels that will confirm the buy signal of the upward splitting of the “Russian-Ukrainian” trend line that has “capped” the market in the last six months. The recent failure of the sectoral index to exceed the “centimeter” simple average is noteworthy, which led to the negative closing of the last week.

On the dashboard

On the board now, Viohalco gains 3.87%, with PPC, EYDAP and ELHA following with an increase of more than 2%. Above +1% are Alpha Bank, Hellenic Petroleum, Coca Cola and Eurobank. Titan, OTE, Mytileneos, Quest, GEK Terna, Terna Energy, ADMIE, Lambda, Ethniki and Piraeus are moving slightly upwards.

On the other hand, Ellactor loses 3.01% and Sarantis is at 1.41%. Aegean, OPAP, PPA and Motor Oil are slightly down. Jumbo is unchanged.