Pressure on MYTIL Stock Amid Market Turmoil The stock of Mytilineos (ticker: MYTIL), one of the most closely watched stocks on the Athens Stock Exchange, recorded a notable decline on the 4-hour chart, against a backdrop of widespread market negativity. The most recent candlestick shows a drop of 2.44%, with the price closing at €44.74, while the total daily loss reached -1.36%.
This sharp decline was accompanied by very high trading volume (291.16K), highlighting significant selling activity. Such a spike in volume may signal the beginning of a profit-taking phase or even a possible trend reversal.
Technical Picture: Signs of Exhaustion
Analyzing key technical indicators reveals that MYTIL has reached a critical technical zone. While the price remains above the 50, 100, and 200-period EMAs (€42.60, €41.06, and €38.96 respectively), the break below the EMA 20 (€43.81) and fading bullish momentum suggest that a local top may have been formed around €45.90.
Moreover, the MACD indicator is showing early signs of weakness. Although it remains in positive territory (MACD line at 0.8738, signal at 0.6736), the histogram is fading (currently 0.2002), indicating that bullish momentum is losing steam.
This view is further supported by the RSI (14), which has dropped to 61.38, exiting overbought territory and signaling that buying strength is weakening.
Fibonacci Retracement & Support Levels
Looking at Fibonacci retracement levels from the recent upward move, the price has tested the 0.236 level (~€44.00), acting as immediate support. Additional key support levels are located at:
0.382 = €43.40
0.5 = €42.45
0.618 = €41.50
The 0.618 level aligns closely with the 100-period EMA, making it a strong technical zone to monitor if the selloff continues.
Long or Short? What Are Traders Focusing On?
From a tactical perspective, the current chart favors short setups. A potential short entry between €44.74–45.00, with targets at €43.40 or even €42.50, and a stop-loss above €46.00, offers an attractive risk/reward ratio (~1.8).
In contrast, a long position would only be justified if the price finds firm support near €43.40 and confirms a rebound with momentum and volume. Until then, the bears seem to have the upper hand.
