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Take more profit on National Bank of Greece

October 29, 2012

29 October

In my methods section, I state that daily RSI divergences can be used as a reason to take profit but that weekly divergences are needed to merit entering a position. I previously showed that daily divergences on their own are not enough to merit entering a position.

The position in National Bank of Greece (NBG) v S&P 500 Index has had one third removed (on 13 September). I will now remove another one third. This is due to the daily RSI divergence that exits on this ratio.

Nbgspx_daily_291012

The weekly chart however, has not yet reached overbought on the RSI.

Nbgspx_weekly_291012

This ratio could power much higher, how much is beyond the scope of what I do. I’m just pointing out that the daily divergence, which will likely bring at least a consolidation or pullback. There is no guarantee that a weekly overbought RSI will be reached.

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