Banking shares breakout

BOC broke higher and is on track to test the CYP 5.00 target, powered by the double rally on the ASE and the CSE. In Greece, the CYP 4.84 res. was tested and if this level is breached soon, then the CYP 5.00 level should be easy to reach. Over there we may witness some consolidation in order to allow the 5 & 10 day moving averages to catch up.

RSI: 82.62 5-day: 4.53 10-day: 4.41 30 day: 4.11

Supports: 4.68, 4.60, 4.38 Resistance: 4.80, 4.84, 5.00

S/Term: Positive M/Term: Positive L/Term: Positive

CPB made a powerful breakout from the 2.60 base and having broken above 3.00 without any difficulty (Tuesday close CYP 3.06) is now on track to launch an assault on the next major chart res. level of 3.50, subject to a clear break above near-term res. at 3.22.

RSI: 77.80 5-day: 2.93 10-day: 2.76 30 day: 2.68

Supports: 2.96, 2.87, 2.73 Resistance: 3.10, 3.22, 3.50

S/Term: Positive M/Term: Positive L/Term: Positive

HB staged a remarkable rally, blasting through our objective of 1.20 without any difficulty. The swift rally to 1.45 finds the stock trading in unchartered territory with next objective of 1.62 well in sight. On the downside, the 1.42 previous resistance has now turned to first support.

RSI: 88.50 5-day: 1.29 10-day: 1.18 30 day: 1.03

Supports: 1.42, 1.34, 1.31 Resistance: 1.48, 1.54, 1.62

S/Term: Positive M/Term: Positive L/Term: Positive