Laiki Bank and Hellenic Bank shares led the CSE higher on Tuesday while BOC shares were stable with activity picking up as more investors continued to target the shares of CPB and HB.
Laiki shares maintained their gains above CYP 2.63, closing 1.12% higher at CYP 2.70 on CYP 1.27 mln volume. Hellenic Bank shares rallied 3.4% higher to CYP 1.21, above the critical resistance level of 1.20 while BOC shares were up 0.48% at CYP 4.18 on CYP 1.05 mln volume.
The CSE GENX closed 0.77% higher on Tuesday to 2674.60 on total volume amounting to CYP 4.13 mln. The technical analysis prepared by the Financial Mirror shows the following points:
BOC shares lost their up-momentum following their inability to edge out any gains during the week. In the short-term, BOC is stuck in the mildly upward moving parallel lines of 4.14 to 4.22, which need to break in order to provide next direction. Since the trend is positive, we favour an upside break above 4.22 to open the way for a move on the major resistance line of 4.29, after which the coast is clear for a move to 4.38, then 4.46. On the downside, a break below 4.14 will trigger a move to 4.10, then 4.06 where support should emerge.
RSI: 54.92 5-day: 4.16 10-day: 4.12 30 day: 4.10
Supports:4.14, 4.10, 4.06 Resistance:4.22, 4.29, 4.38
S/Term:Positive M/Term:Positive L/Term:Positive
CPB finally broke through the 2.63 key resistance level, opening the way for good-sized gains towards the next objective of 2.88, a previous high and then 3.07, the all-time high. First support is seen at 2.63, the previous resistance, now turned support, then 2.61 with more support seen at 2.54.
RSI: 61.77 5-day: 2.62 10-day: 2.58 30 day: 2.56
Supports:2.63, 2.61, 2.54 Resistance:2.70, 2.88, 3.07
S/Term:Positive M/Term:Positive L/Term:Positive
HB followed CPB higher and managed to close above the key resistance level of 1.20, which has now become the key support with the objective of reaching minimum target of 1.33 to 1.36. Only a clear break above 1.36 will trigger a move to 1.45, the previous all-time high. On the downside, only a break below 1.20 would delay the upmove and lead to a deeper correction to 1.16/1.14, where new purchases may be made.
RSI: 63.09 5-day: 1.17 10-day: 1.14 30 day: 1.12
Supports:1.20, 1.16, 1.14 Resistance:1.33, 1.36, 1.45
S/Term: Positive M/Term: Positive L/Term: Positive
