The market recovered some points today,but the technical overview has not changed too much. Oscillators signal sell, nevertheless the daily- and primary- uptrends are still intact.
It may be worthwhile to examine a wider period:
We can clearly see the Fibonacci 38.2% level acted as a resistance and later as a support (within error margins), thus we should consider the Fibonacci 50% level also.
The Fibonacci techniques are quite powerful; however, we should look at the price action at first.
The PZU initial public offering may raise 8.1 billion PLN (here or here). The IPO maximum price was set to 312.50 PLN per share.
Sources:
[http://en.wikipedia.org/wiki/Powszechny_Zakład_Ubezpieczeń]
[http://www.businessweek.com/news/2010-04-19/pzu-s-initial-offering-may-raise-8-1-billion-zloty-update1-.html]
[http://in.reuters.com/article/bankingfinancial-SP/idINLDE63I19R20100419]
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