National Bank of Greece (NBG): Technical Analysi

National Bank of Greece (NBG): Technical Analysis
National Bank of Greece’s technical analysis suggests falling wedge pattern implying strength ahead
Oct 29, 2015 at 7:55 am Est
National Bank of Greece (NBG): Technical Analysis
National Bank of Greece (NBG): Technical Analysis

By: Troy Kuhn

Published: Oct 29, 2015 at 7:55 am Est

NBG

Stock movement of National Bank of Greece (ADR) (NYSE:NBG) is seen as a good representation of the sentiments in the country. There is no doubt to the notion that the sentiment-ridden stock has been on a roller coaster ride in the past one year. With a 52-week high of $2.77, the stock has seen its prices plunge to the lows of 43 cents.

As banks in Greece operate on nearly dry reserves, markets await the upcoming recapitalization. Officials in the European Central Bank (ECB) review the implementation of reforms in the country. Additionally, the central bank is carrying out the annual stress tests on financial institutions and is expected to announce its decision by the end of this month. The fate of individual banks’ recapitalization remains in the hands of the authority.
Technical Analysis

Bidness Etc conducted a technical analysis on National Bank of Greece stock (at the closing price of $0.855). We believe that the recent surge in the stock price has surpassed the resistance line to confirm a falling wedge pattern that had evolved over the last eight months. But at the same time, the improving momentum readings and volumes are supporting the bullish reversal pattern.

Read Also:National Bank Of Greece (ADR): Time Bomb Is Ticking
We expect the stock to stride towards a minimum price objective of $1.27 with immediate support around $0.73. This intermediate support is seen absorbing any selling pressures on the stock. However, on the other hand, additional strength above $1.35 price level would clear the way to challenge the stock’s February ’15 high of $2.12.

At this point in time, a sustainable strategy for investor would be to commit to fresh long positions on weakness up to the price level of $0.73, targeting $1.35. On the downside, risk surrounding the stock would unfold below $0.63 level.

The next few months will be crucial for the country as it attempts to meet its economic targets and deals with the crippling financial sector. Now that the government has agreed to the economic reforms, widely known as austere measures, the authorities keep a close eye on the applications and the efficiency.

National Bank of Greece has been observed to have shed significant amount of value in the past one year. In the year-to-date (YTD) measure, the stock lost around 50% of its value, and now stands at a total market cap of $3 billion. This week, however saw the stock trading in the red, but as we approach the end of the month, and stress tests results are expected to come out, the stock heads north. National Bank of Greece closed up over 2.8% yesterday and is up as much as 0.5% in the pre-market trading hours.

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