Disclaimers and risk
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INTRODUCTION
Please read Introduction.
INFORMATION ON FINANCIAL INSTRUMENTS AND RISK Please read BZ WBK Brokerage SA information on financial instruemnts and risk.
Detailed information on financial instruments and related risks is also published by issuers, e.g. in issue prospectuses, information memoranda, and terms and conditions of trading. Moreover, such information is provided by specialized information services, the Polish Financial Supervisions Authority, and the Warsaw Stock Exchange. (http://www.gpw.pl/).
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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 BZ WBK Brokerage S.A., entity that 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 2005, No.184 item 1539), Act on Trading in Financial Instruments dated 29 July 2005 (Journal of Laws of 2005, No.184 item 1537), 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 BZ WBK Brokerage S.A. 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.
All trademarks, service marks and logos used in this document are trademarks or service marks or registered trademarks or service marks of BZ WBK Brokerage S.A. This document is not to be used or considered as an offer to sell or solicitation of an offer to buy any financial instruments. It is distributed by BZ WBK Brokerage S.A. BZ WBK Brokerage S.A. is not obliged to ensure that the financial instruments referred to in this document are suitable for any particular investor. BZ WBK Brokerage S.A. will not treat recipients of this document as its customers by virtue of their receiving this document. The investments and services contained or referred to in this document may not be suitable for particular investor and it is recommended to consult an independent investment advisor in case of doubts about such investments or investment services. Investors using this material are advised to exercise independent judgement and take into account circumstances other than these indicated by the author or Brokerage BZ WBK S.A. Nothing in this document constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to investor’s individual circumstances. Information and opinions contained herein have been compiled or arrived at by BZ WBK Brokerage S.A. from sources believed to be reliable, but BZ WBK Brokerage S.A. does not accept liability for any loss arising from the use hereof or makes any representation as to their accuracy or completeness. This document is not to be relied upon as such and should not be used in substitution for the exercise of independent judgement.
BZ WBK Brokerage S.A. emphasizes that this document is going to be updated at least once a week. If BZ WBK Brokerage S.A. discontinues updating this document, it will notify investors of this fact by publishing relevant information on its website (www.dmbzwbk.pl).
BZ WBK Brokerage S.A. may have issued and may in the future issue other reports that are inconsistent with, and reach different conclusions from, the information presented in this document. Those documents reflect the different assumptions, views and analytical methods of the analysts who prepared them and BZ WBK Brokerage S.A. is under no obligation to ensure that such other documents are brought to the attention of any recipient of this document. The information and opinions contained herein are subject to change without notice. BZ WBK Brokerage S.A. is not responsible for damages resulting from placing orders based on this document.
Since transactions in derivatives are short-term and speculative, they carry a high risk and may, in consequence, result in losses exceeding the investor’s principal capital.
THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY FINANCIAL INSTRUMENTS AND NEITHER THIS DOCUMENT NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF ANY CONTRACT OR COMMITMENT WHATSOEVER. IT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON. THIS DOCUMENT NOR ANY COPY HEREOF IS NOT TO BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN OR TO ANY CITIZEN OR RESIDENT OF THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN WHERE ITS DISTRIBUTION MAY BE RESTRICTED BY LAW. ITS DISTRIBUTION MAY BE RESTRICTED BY LAW IN OTHER COUNTRIES. PERSONS WHO DISTRIBUTE THIS DOCUMENT SHOULD MAKE THEMSELVES AWARE OF AND ADHERE TO ANY SUCH RESTRICTIONS.
THIS STUDY AND ANY COMMENTS CONTAINED HEREIN CONSTITUTE AN EXPRESSION OF PERSONAL KNOWLEDGE AND VIEWS OF THE AUTHORS AND SHALL NOT BE CONSTRUED OTHERWISE. THIS DOCUMENT HAS BEEN BASED ON THE BASIS OF THE AUTHOR’S PROFESSIONAL EXPERIENCE AND PREPARED WITH ALL DUE DILIGENCE AND EXCLUDES ANY CONFLICT OF INTERESTS WHICH COULD INFLUENCE ITS CONTENT. BZ WBK BROKERAGE S.A. INFORMS THAT INVESTING IN FINANCIAL INSTRUMENTS IMPLIES THE RISK OF LOSING PART OR ALL THE INVESTED ASSETS. BZ WBK BROKERAGE S.A. INDICATES THAT THE PRICE OF FINANCIAL INSTRUMENTS CAN BE AFFECTED BY MANY FACTORS. THESE INCLUDE, FOR EXAMPLE, CHANGING ECONOMIC, LEGAL, POLITICAL, AND TAX ENVIRONMENT. THE DECISION TO PURCHASE ANY OF THE FINANCIAL INSTRUMENTS SHOULD BE MADE ONLY ON THE BASIS OF DOCUMENTS AVAILABLE TO THE PUBLIC AND MATERIALS PUBLISHED PURSUANT TO THE BINDING LEGAL REGULATIONS.
In preparing this document BZ WBK Brokerage S.A. 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, BZ WBK Brokerage S.A. 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.
BZ WBK Brokerage S.A. acts as stock exchange market maker in respect of financial instruments subject to this recommendation, pursuant to the Rules of the Warsaw Stock Exchange.
BZ WBK Brokerage S.A. 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 BZ WBK Brokerage S.A., this document has been prepared with all due diligence and excludes any conflict of interests which could influence its content. BZ WBK Brokerage S.A. 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.
BZ WBK Brokerage S.A. operates under permit of the Securities and Exchange Commission and is subject to the supervision of the Polish Financial Supervision Authority. This document has been prepared within the legal scope of the activity of BZ WBK Brokerage SA. The date and time on the first page of this report is the date and time of preparation and publication of the document.
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