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OTP
From its peak in mid-February, the OTP plummeted, then in early March, the exchange rate broke the upward trend that had prevailed since 2015, and the decline continued thereafter. The exchange rate was oversold after the big drop, and then the exchange rate jumped from the 61.8 percent Fibonacci level, which started at the start of the rally in early 2015 and peaked in February this year. After recovering in late March, OTP turned again, the stock was unable to move significantly from the zone between 9,644 HUF and 9,296 HUF during the week, which could open the way for the possibility of a further increase. Going down from the current levels, it will be worth paying attention to the support area surrounded by the Fibonacci level of 61.8 percent (near 8,166 HUF) and the level close to 7,680 HUF. As you move up from the HUF zone 9644-9296, which is also enhanced by the 50 percent Fibonacci level, additional space may open up before the raise, above which the level is worth paying attention to. Fibonacci 38.2 percent, close to HUF 11,048.
mole
After falling sharply in March, Mol fell close to 1,500 forint support, after which the exchange rate rose. The strengthening stopped near the HUF 2,100 level, the Mol then turned again and the exchange rate fell below the HUF 1,950 level. The exchange rate practically remained at the aforementioned level of 1,950 HUF during the week, and after a large increase on Friday, it finally managed to overcome it significantly. If the strengthening continues, the next level will be the resistance of 2,100 HUF. Coming down from the current levels, after breaking the HUF 1,950 level, it will be worth paying attention to the local low in March and the HUF 1,500 later.
Richter
Richter recovered after the fall in early March, but the strengthening had stalled several times near the 6,033 HUF level, although the exchange rate finally managed to overcome it in late March. Richter’s strengthening then stalled near the 6,400 HUF level, and by the end of the week the exchange rate also topped the 6,400 HUF level. If the rise continues, the next stop for Richter will be resistance near 6,830 HUF. Returning to the already mentioned 6,400 HUF level, the next support will be 6,033 HUF.
Magyar Telekom
Magyar Telekom hit a new local low of 335 HUF after falling in March, after which the stock rose, but the attempt to climb was stifled. In the past few days, Magyar Telekom has been climbing again, leaving even higher lows on the chart, although momentum appears to have slowed somewhat at the end of the week. If the increase continues, the HUF 387 level could be the next stop for Magyar Telekom. Dropping from current levels, reaching the local low of HUF 335 in March, the next support could be the HUF 324 level.
Cover image source: Budapest Stock Exchange
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