Here we are again. One of our market forecasts is materializing. This time, it is the National Bank of Greece starting to break out.
We provided sufficient coverage on the National Bank of Greece in recent weeks and months.
- Two weeks ago, we identified the National Bank of Greece as the best small cap banking stock to buy.
- Three weeks ago, we discussed in great detail that the National Bank of Greece crashed 99 pct in 24 months, setting it up as the next multi-bagger.
- Six weeks ago, we explained why the Greek stock market was setting up for a buy signal (for 2017 and 2018)
InvestingHaven readers get the real news that matters way before financial media and mainstream analysts start talking about it. The art of the chart is to identify trends when they start, not when they have run their course (which is the moment everyone talks about it).
Razorsharp insights, a lot of research and a sixth (market) sense is what you need to identify the start of new trends in markets or stocks and book the largest profits.
Back to the National Bank of Greece. We identified the $0.39 to $0.40 area as key resistance after an 18 month consolidation period. Note that our point of view was that this consolidation was coming to an end. If that were the case, then it would result in a strong bull run.
We believe today’s price action represents exactly the start of that new bull market.
However, we need a confirmation of the breakout, which technically means that we want to see at least 5 consecutive days of trading above $0.40. If that will be the case, we see an easy ride to $1.00 in 2017 and 2018.