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Monday, April 08, 2013

National Bank of Greece Extends Its Losses

As of 12:00 pm EST today (Monday), the National Bank of Greece is -10.38%, as shown below on Bloomberg's Top Gainers & Losers in the EURO STOXX Banks (Price) Index.

The next chart shows the steady decline for this bank since October 2012...not a healthy-looking chart, as it has fallen below its 1-year major support level and is displaying major relative weakness compared to the above Banking Index during the same time period.

Without a strong banking system, Greece is poised for further weakness. The Greek Stock Index is attempting to stabilize today at a support level on the Daily timeframe, but is well below its uptrend line on the Weekly timeframe, and major support lies further below at 40.00ish.

These are two instruments worth watching as potential harbingers of things to come with respect to the ongoing EU fiscal/economic/banking saga.