Athens Stock Exchange. Weekly coments for General Index (GD)

2013-11-03 19:45

Week 28 Oct - 1 Nov

Last week,  the movement, of Athens Stock Exchange General index (GD) gave us clear signs that we are watching a downtrend retracement. The daily movement of the GD's price was between a resistance line at 1202 points and a support line at 1145 points  (fig.1), and there is high possibility, price action to be restricted in these limits or move lower next week.

                                      Fig. 1

On the GD's weekly chart, we can see a downtrend candlestick   “Hanging man” (fig.2) which means that the price of GD, next week may move close at the support line and try to get out of the trading zone (1145-1202), aiming initially  at 1125 points and finally at 1075-80 points where exists a strong support  line.



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