HB stages a breakout

Hellenic Bank shares managed a breakout on the charts, while BOC shares continued to trade in positive territory and Laiki shares were locked in a tight traingle formation, according to Financial Mirror chart analysis.

BOC

BOC titles are trading in a long term up channel with the lower boundary at CYP 3.80 and the upper boundary at CYP 4.46. In the short term, the title is trading in a small triangle, which first support seen at CYP 3.97 and first resistance seen at CYP 4.11.

On the upside, a break above 4.11 will trigger a strong buy-signal for target approach of 4.46. On the downside, break of 3.97 will allow a dip to 3.92 and 3.85, which are good levels to buy ahead of 3.80 major support.

Indicators:

RSI: 64.58, 5-day: 3.96, 10-day: 3.92, 30-day: 3.85

S/trend: Positive M/term trend: Positive L/term: Positive

CPB

CPB titles are stuck in a big triangle formation with the resistance line at 2.67, which is also the 30-day moving average seen holding the stock down, with more resistance seen at 2.73, which needs to break to open the way for a retest of the previous high of 2.89. On the downside, first support is seen at 2.55, followed by the support line of the triangle formation at 2.52, which are expected to hold the stock up.

Indicators:

RSI: 53.55, 5-day: 2.58, 10-day: 2.58, 30-day: 2.67

S/trend: Positive M/term trend: Negative L/term: Positive

HB

HB managed a breakout by closing above the previous all-time high of 97c, and has opened the way for a fresh move to CYP 1.01, the high since August 2001. More importantly, HB title has also paved the way for a powerful rally with target of CYP 1.13, which is the major line coming from the 78c base. The CYP 1.13 level is also the previous high since June 2001. With the RSI at 70.4, gains are sustainable since there is no over-bought situation. Support at 91c and 89c is seen holding dips.

RSI: 70.4, 5-day: 0.94, 10-day: 0.91, 30-day: 0.91

S/trend: Positive M/term trend: Positive L/term: Positive