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WIG20 Index Approaching 100DMA Support

POLAND
  • Polish Equities have been retracing lower in recent days after reaching a local high at 2,429 last week, currently trading slightly above their 100DMA at 2,323.
  • The recent consolidation follows the sharp recovery since the low reached in the end of November, which also corresponds to the low reached on the PLN (i.e. peak of the USD).
  • The chart below shows that WIG20 index received support slightly above the 2,103.50 in the end of November, which corresponds to the 38.2% Fibo retracement of the 1,496.80 – 2,478.50 range.
  • Next support to watch below the 100DMA stands at 2,250, which corresponds to the 200DMA and the 23.6% Fibo retracement.
  • On the topside, key resistance stands at 2,478.60 (Oct 2021 high).

Source: Bloomberg/MNI

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