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Equities Under Pressure After Breaking Below LT Upward Trending Support Line

CZECHIA
  • Czech equities, which had been less sensitive to the Russia/Ukraine tensions until now (relative to other CEE countries), have been under pressure in the past week.
  • PX index broke below its LT upward trending support line on Monday before rejecting its 100DMA support yesterday and is currently trading slightly above the moving average.
  • Next support to watch below 100DMA (1,395.70) stands at 1,336.70, which represents the 23.6% Fibo retracement of the 841.30 – 1,490.
  • On the topside, ST resistance to watch now stands at 1,440 (upward trending line).

Source: Bloomberg/MNI

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