OTE is a Greek communications company with a market cap of $6 billion. OTE was one of Stephen M’s alternate selections this week. I review each Spikers’ weekly selection and alternates as well as several Spike members picks. I was intrigued with OTE immediately. See the attached weekly chart. OTE is in a very extended trading range. Price is right at support on the Weekly chart. Note the huge volume over the past several weeks. This is a definite change in character. Lots of volume with very little price change. My first thoughts are that institutions and professionals are holding the bag wide open for scared longs. The Greek crisis may be the right external event to transfer stock from the weak to the strong. The second chart is the one that drew me in, the one box P&F.

I have “boxed” the huge trading range. If this is accumulation, both the one point P&F and the three point P&F (not shown) is calling for an upmove to approximately $20 per share. IF this range represents accumulation that is. It could be just a trading range with price in relative equilibrium.

But the recent change in character will be telling. It may be worth the risk with a stop around $5.68.

Dave C.