At the rates of accumulation the Athens Stock Exchange moves, with buyers maintaining the lead for the fourth consecutive day, without the dynamics of previous meetings. The domestic market is aligned with the international climate, making a reasonable ‘stop’ to assess the new data in the Middle East and the resilience of the peace agreement between Washington and Tehran.
In particular, at Tuesday's (16/6) meeting the General Index is reinforced by +0.1% and negotiates at 2.465.03 units. Approximately six units determine the range of variation of the index, with a low day of 2.464.46 units and a high day of 2.470.90 units. It is a new high 17 years old, with the next milestone located on 19 November 2009 and 2,497,15 units.
Today's caution is considered normal by analysts. The DG comes from an impressive rise which began at the end of April, and is now at technically overmarketed levels. The existence of significant accumulated profits pushes several portfolios to increase their liquidity, moving on to controlled sales. On the other hand, the strong profitability of the listed, the durable development trajectory of the economy and attractive fundamental sizes are estimated to function as a "safety net", effectively absorbing the offer of shares.
In the field of technical analysis, short-term variability may be maintained until the landscape surrounding the implementation of the US-Iran Agreement is clear. Analysts point to two critical zones. The 2,400 units are now the direct and strongest support zone for the General Index in case of pressures. On the contrary, 2,500 units constitute the next major goal and bet of the "marketers" to continue the long-term upward movement.
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