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Equities Bounce Back Above its 200DMA

  • Polish equities have been retracing higher this week amid PLN strength (and USD weakness) after consolidating lower this month due to rising uncertainty over the economic outlook.
  • WIG20 Index found support slightly above the 2,103.50 on Monday, which corresponds to the 38.2% Fibo retracement of the 1,496.80 – 2,478.60.
  • The index broke above its 200DMA resistance in today’s trading session (a level that it broke on Friday to the downside following the discovery of the new variant).
  • Resistance to watch on the topside stands at 2,246.80 (23.6% Fibo), followed by 2,275.70.

Source: Bloomberg/MNI

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