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FUTURES ANALYSIS - LEGAL DISCLAIMER DISCLAIMER CONCERNING THE NATURE OF THE DOCUMENT AND LIABILITY FOR PREPARATION OF THE DOCUMENT, ITS CONTENTS AND RELEASE
This material has been produced by Santander Brokerage Poland which is a separate organizational unit of Santander Bank Poland S.A. and is subject to the regulations of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies dated 29 July 2005 (Journal of Laws of 2013,item 1382), Act on Trading in Financial Instruments dated 29 July 2005 (Journal of Laws of 2014,item 94), Act on Capital Market Supervision dated 29 July 2005 (Journal of Laws of 2005, No.184 item 1538). It is addressed to short-term investors on the futures market for the WIG20 index and the Clients of Santander Brokerage Poland entitled to gain recommendations based on the brokerage services agreements. The time horizon of the analysis and comments contained herein covers a few hours of a given day, starting from the time of preparation of this document on a given day.
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In preparing this document Santander Brokerage Poland made use of the following analytical methods:
- 1) Fibonacci techniques
- 2) Analyses based on the technique: Andrews Pitchfork
The Fibonacci techniques based on the sequence of numbers are used to determine optimal moments to initiate trading. Using these techniques, you create price zones including probable turning points on the charts.
Strengths of this method: easy construction of price zones on charts, in which significant highs or lows are created, generation of clear signals to buy/sell after entering a given price zone, easy placement of stop loss orders – below or above – a particular Fibonacci price zone. Weaknesses of this method: reduced efficiency during the periods of lower liquidity of financial markets, the market’s tendency to break the Fibonacci price zones and - as a result - generation of erroneous transaction signals in the periods of dramatic and emotional price movements, the factor of subjective market assessment and analyst’s experience - typical of all methods based on the technical analysis. The technique: Andrews Pitchfork is based on three lines drawn from the specified starting points on the chart. It was developed by Alana Andrews and is now widely used by technical analysts and stock exchange investors.
Strengths of this method: easy construction, transparency in respect of generation of transactions signals, common observance of the line by financial instruments. Weaknesses of this method: subjective selection of starting points, breaking of the line resulting in erroneous investment indications (in particular in the periods of dramatic price fluctuations). In addition to the aforementioned methods, Santander Brokerage Poland also applied the widely used methods of the technical analysis (trend analysis, moving averages, etc.). None of the used analytical methods used to prepare this report is a valuation technique. All methods used are based on the technical analysis and do not refer to internal value of a contract /base instrument /index.
Explanation of the terminology used in this document
The Fibonacci sequence: natural numbers composing the sequence of numbers where each subsequent number (except for the first two numbers) is the sum of the two preceding numbers. The sequence starts with: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89......... The Fibonacci techniques are the analytical methods based on the Fibonacci sequence, used to create resistance and support levels on the charts of liquid financial instruments. With such creations, mathematical relations between particular price movements that can be expressed by means of a wide range of Fibonacci ratios are used. The analytical method: Andrews Pitchfork was developed by Alana Andrews and is based on three lines. Their starting points on price charts are well-defined (usually major troughs or peaks). In order to conclude a transaction, breakouts or penetrations of the Pitchfork line are used.
Santander Brokerage Poland acts as stock exchange market maker in respect of financial instruments subject to this recommendation, pursuant to the Rules of the Warsaw Stock Exchange.
Santander Brokerage Poland does not rule out the possibility that it, or any of the entities related to it, can purchase, during the preparation of this recommendation, the financial instruments subject to this recommendation. In the opinion of Santander Brokerage Poland, this document has been prepared with all due diligence and excludes any conflict of interests which could influence its content. Santander Brokerage Poland is not obliged to take any actions which could cause derivatives that are the subject of the valuation contained in this document to be valued by the market in accordance with the valuation contained in this document.
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