National Bank of Greece - Update

It has been almost a month since I last wrote about National Bank of Greece in this blog entry. Now let's look at how this stock has performed in the past month.

The price of NBG has hit a low of $2.11, 2 cents higher than its March 2009 low, then it bounced back and ranged between $2.11 and $2.50.  The stock has a break-out of the $2.50 initial resistance, and is moving up.  The short-term GMMA has penetrated the long-term GMMA.  This is good as a new trend, an up trend maybe in the making.  However, I don't expect the price to shoot up.  Instead, I am expecting the price will go sideways around $2.80.  The uptrend will only continue if the price can break $3.60 resistance. 

This stock will be susceptable to news.  The stress test on 91 European banks was announced yesterday, and we are still yet to see the response from the rest of the world when they digest the information.  The RSI is now above 70, pull-back should be expected.  In case of a pull-back, $2.50 will serve as a support level, followed by the recent low of $2.11.

Happy investing.