PKN Orlen reached important suport at 62 PLN level. If it will hold propably we will see tirth Elliotts wave with TP 83 PLN. In friday company relased information about starting a new buissness in China.
Over the span of 20 years WIG20 has shown high correlation with Oil price. Oil is leading so both are heading lower
On the graph, we can see a typical ascending triangle pattern. The breakout point should be at ~2131.77.
We will see how will it going in the next 1 year. Of course if bear's world financial crisis will not wake up.
Unimot seems to have another round of incline in near future. The goal price is approx 40 PLN.
After last serious sell off, market should push the price higher.
Azoty are more probable to push upwards now than continue corrective movement. Company needs some institutional purchases to improve price fluctuation. Beware of support level /C wave bottom/.
The Polish index is approaching the 2,080 October 2018 Low and 1W Support Zone (2,013 - 2,085). With 1M on the lower levels of neutrality (RSI = 45.568, ADX = 19.801, MACD = 34.710) we are on excellent technical long term levels for a bullish reversal towards the 2,600 Resistance. If the E.U. fundamentals help in 2 years time it may even break this Resistance,...