Jose’s mother has gone on vacation

By Apostolos Manthos

All the data now shows that the country is on the path to a healthy economic recovery, unlocking strong inflows of investment capital. It seems that the investment grade is only the beginning of the success story of Greece, which has already begun to recover, dragging the Greek economy to other levels. The country’s image abroad has greatly improved, making it on the radar of large investment houses that have the ability with their targeted moves to radically change the economic landscape, directly affecting the course of bonds and, above all, on Greece. Stock trading. After all, where did you hear that the Greek state will go to the markets with 15-year bonds and become overwhelming, exceeding the issuance of 3.5 billion euros by 3.8 times (!), Submitting offers of 13.4 billion euros. And the interest rate is 4.45% in theory as if we were already in the investment grade step. The fact is that international markets seem to have signed a preliminary agreement with Greece, which is expected to become official in the coming days.

Things are going so well, in fact, that I begin to “spit my ass” three times like ancient Macedonian warriors before I engage in battle to face the enemy. The potential for investment grade, the inclusion of the market in the Club of Developed Markets, the giant European resources of historical data for the country, which together with the leverage will exceed 72 billion euros, and the political reforms that will facilitate a new increase. Investments, twice the growth rates compared to the European Union, and even this remarkable positive shift in relations with Turkey, pave the way for the prosperity of the Greek stock exchange. In this intensive development, as the international markets show signs of starting a new “bullish market” path, the Stock Exchange will have a wonderful opportunity to grow and renew the qualitative depth of the listed companies, to significantly increase the total capital and capital value. Liquidity as well as transaction turnover, and thus claim what you deserve. priority, i.e. in sound financing of the economy. The journey has already begun and the mood at the brokerages seems to be changing. Even the condescending pambaleur Leonidas, who had seen it all in the last thirty years, began to smile sideways after so many years.

Jose’s mother, as the old-timers used to say, on every heavy downgrade seems to have gone on a permanent vacation, with the overall index moving to new highs of 3,408 days with in-session corrections, mainly due to dividend cuts. Graphically, the index, after hovering upwards above 1300 units, should face the resistance area from 1360 to 1380 units. Potential bullish breakdown now of this area, as mentioned in previous analyses, would open up a very large long-term upside area that could lead to a +90% (!) return to the 2009 high area at 2700 about. At least that’s what technical analysis says. We are also getting strong indications that the long-term uptrend is just beginning from several slow oscillators, which play on the bi-monthly price charts and show that they have been bullish since the beginning of 2023.

The FTSE / ATHEX Large Cap High Cap Index continues its upward trend, as after crossing the 3100 point area, it arched its first serious resistance level at 3357 points written by the index in September 2014. A large gap in the rise in terms of resistance. Thus, in case the 3357 area is breached upwards, nothing is able to stop the indicator graphically after 4455 points or +38.5% from the current price levels.

The Banks Index, after 40 days of sideways movement, broke the resistance at 1039 units upwards and is now heading towards the fragile 1100 unit chart boundary. An upward break above 1100 points will develop strong bullish forces that can push the index to Fibonacci resistance at 1235 points or another +12%. This may be the driving force behind the market for the next two years.

And in the FTSE / ATHEX Mid Cap Index, the Greek Stock Exchanges (HEXAE), which has the largest weighting of 16.5%, destroyed all these currencies in their upward trajectory. The super resistance of 2000 units, which the index has been skipping since 2010, has now thrown in the towel, paving the way for an uptrend that could touch +60% in the long term, reaching the 2009 resistance at 3252 units. In general, areas of the chart that will open to the upside or have already opened in all four major indicators are huge in volume.

* Apostolos Manthos is responsible for technical analysis and investment strategy

** Republished from Kefalio Newspaper