National Bank of Greece
Another stock that's starting to trend within range of triggering a major breakout trade is National Bank of Greece ( NBG), which is engaged in providing financial services that include retail and commercial banking, global investment management, investment banking, insurance, investment activities and securities trading. This stock has been hit hard by the bears so far in 2013, with shares off sharply by 64%.
If you take a look at the chart for National Bank of Greece, you'll notice that this stock broke out above some near-term overhead resistance levels on last Friday at $5.91 to $6.02 a share with strong upside volume. That move is quickly pushing shares of NBG within range of triggering an even bigger breakout trade.Traders should now look for long-biased trades in NBG if it manages to break out above some near-term overhead resistance at $6.48 a share to its 200-day moving average at $6.81 a share with high volume. Look for a sustained move or close above those levels with volume that hits near or above its three-month average action of 4.84 million shares. If that breakout hits soon, then NBG could possibly tag $9 to $10, or even $11 a share. Traders can look to buy NBG off any weakness to anticipate that breakout and simply use a stop that sits right below some key near-term support at $5.75 a share, or near its 50-day moving average of $5.30 a share. One could also buy NBG off strength once it starts to clear those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
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