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Saturday, February 21, 2015

Time to bet on Greece?

This is not a fundamental trading but a pure technical speculation, and a contrarian trade. As you can see below, Greece was beaten down to death 2 years ago when it was on the verge of bankruptcy. But a miracle occurred. When everyone ran away and no one was considering to put money into the Greek stock market, it started to move up and doubled in less than 2 years time. Then the next cycle started again. Greek market has got crashed at the moment and reached almost the same level as 2 years ago. Right now, Greece is a taboo and probably no one is thinking to buy its stocks. But as you may see, it starts to move up again quietly and has shown a series of higher highs and high lows. This is a bullish technical pattern. I bet this is an early sign that the Greek stocks will be booming again and a potential double is not out of reach. If you dare, buy GREK, an ETF for the Greek stocks.

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