The WIG20 Index is precisely below 38.2% Fibo of this correction. RSI and CCI oscillators are in downtrend:
Not much can be said about current situation - both directions are still possible. To me it seems the market is weak again, but charts are not really telling anything right now. Nevertheless, the US indexes have broken quite strong support (check for today's Alpha Trends analysis),
First hostile takeover on WSE has backfired as the W.Kruk, owner of Kruk (WSE:KRK) jeweller company managed to buy controlling packet of shares of the Wolczanka&Vistula company. Here you can find interview with W.Kruk (translated by Google Language Tools - understandable, but not perfect translation, for original look here (polish)). It is the classical example of Pac-Man Defence, when a company that is under a hostile takeover acquires its would-be buyer. For animated (and funny) explanation check this YouTube video.
Conclusion - do not attempt to takeover the family company with determined owner, especially when you have quite high Free-Float by yourself.
Congratulations to W.Kruk for successful defence! If taking long positions in bear market were not against my rules, I would buy some of Kruk shares for sure.
Sources:
[http://www.reuters.com/article/rbssConsumerGoodsAndRetailNews/idUSL2672086120080526]
[http://www.alacrastore.com/company-snapshot/Vistula_Wolczanka_S_A-2110875]
[http://www.investopedia.com/terms/p/pac-man-defense.asp]
[http://pl.youtube.com/watch?v=Y9Sg4QnMKKw]
[http://www.officialchad.com/index.php/chad/games/]
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