Greek Election 2012: Technical Analysis of Betfair Graphs with Ascending and Descending Triangles
Technical analysis of Betfair price graphs regarding the election in Greece reveals an ascending triangle for Nea Dimokratia party and a descending triangle for SYRIZA. Although volume isn’t sufficient enough for safe conclusions, the betting odds’ graphs show an uptrend when betting on ND for election’s winner and a downtrend for SYRIZA bets. Obviously the probability for any other party to win the June’s election in Greece is close to zero, since Betfair odds are 3-digit figures. Given the important support and resistance levels for the two favorite parties, strong trends may develop in case those levels are proven weak over the next days.
As far as betting on ND for vote winner in the forthcoming Greek election, the resistance level is placed at about 1.75 (decimal odds) with the trend line completing the ascending triangle. Most bets are matched on ND as well, since it’s the betting market’s favorite. SYRIZA’s price graph shows the exact reversed image, whereas the support level of 2.40 seems a bit weak and the descending triangle is formed by the declining trend line, as technical analysis states. As long as both triangles are verified by breakouts of support and resistance levels, Greek election’s result would be really unpredictable, since the betting odds of the two favorite parties would tend to 2.00.