Автор: Nagul
Rsi forex wikipedia malaysia
The necessity to prevent the spread of COVID and keep health care systems efficient resulted in the forced, drastic limitation of economic activity. Many service sectors were hit particularly hard with this but industry and agriculture were also affected. In particular, the pandemic substantially influenced financial markets and we can observe that some markets or instruments vary in stability since they have been affected in the different degree.
Due to the low number of works related to CEE countries during the pandemic, we analyze the Warsaw Stock Exchange, which is one of the most important markets in the CEE. Our main goal was to find how various industries represented by stock market indices have reacted to the COVID shock and consequently which sectors turned out to keep stability and remained resistant to the pandemic.
The results of the research present that during the pandemic it was possible to identify 5 clusters of sector indices in the short term and 4 in the medium term. We found that the composition of the clusters is quite stable over time and that none of the obtained clusters can be univocally considered the most or the least stable taking into account all the analyzed indicators.
However, we showed that the obtained clusters have different stability origins, i. This is an open access article distributed under the terms of the Creative Commons Attribution License , which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited. Competing interests: The authors have declared that no competing interests exist. Introduction The COVID pandemic had a significant impact on the socio-economic life of most countries in the world.
The virus has the potential to influence in a destructive way individuals, businesses, industries and entire economies [ 1 ]. Its appearance, in principle, meant a significant burden and reorganization of the health service, and the need to provide additional disinfection and hygiene measures, but its global scope is expected to be the most influencing economic and social event for decades [ 2 ].
The problem of the COVID virus has been its rapid spread, which resulted from airborne transmission and intensive use of public transport, including intercontinental flights. The necessity to prevent the failure of health care systems and counteracting the effects of COVID, which poses a direct threat to the health and life of citizens, resulted in the forced and often drastic limitation of economic activity.
In fact, the pandemic brought global economic activity to a sudden halt in the first half of [ 3 ]. The sectors hit particularly strongly were services, including tourism and hoteling, retail trade, education, cultural activities, restaurants, galleries, gyms, hairdressers, taxis, expos, sporting events and personal services characterized by direct contact between people [ 4 ].
Land and air transport, as well as entities directly related to it, including airports, also suffered severely. Especially, in the last sector, the demand is expected to be highly affected not only in the medium term, but also in the long term [ 5 ] as the dynamics of pandemic spread is strictly linked with the airlines system [ 6 ].
Moreover, Liu et al. The need for isolation and the inability to conduct production, commercial or service activities on the current terms resulted in the emergence of disruptions in production and supply, as well as the breakdown of logistics chains. The pandemic led also to a substantial fall in energy demand and global CO2 emissions [ 3 ]. Where the specific nature of the activity allowed it, the COVID pandemic contributed to a change in the organization and work model of many entities, causing their decentralization, forcing greater flexibility of operation and starting the transformation towards remote work but also influencing internal relations, employee adjustment and human resources management [ 8 ].
The issue of respecting human rights in such conditions was also raised [ 9 ]. The period of the pandemic is undoubtedly a turning point in the activities of many sectors, as well as for the directions of development of the entire economies, definitely changing the economic realities more than the previous crisis of — [ 10 ]. It can be treated as a specific demand and supply shock, the source of which is the lockdown of the real economy and disruptions in service, trade and production activities resulting from sanitary and epidemic reasons.
The pandemic and its effects in finance are being compared to the previous global financial crisis — Wojcik and Ioannou [ 11 ] find that the previous crisis is rather referred as the North Atlantic crisis which was spread around the world through international financial and economic relations, but the COVID pandemic is truly global and directly affecting practically all countries because of traveling. In contrary to the — crisis, the pandemic crisis has not been initiated in the financial sector but its severity in the real sphere has transmitted it into financial sector and then reversely again to the production, trading and services.
In some industries, it has undoubtedly caused a significant change in the business model or affect a change in the incomes and costs structure. The consequences of changes and transformations in individual sectors are currently difficult to predict, as it is unknown how long the pandemic will ultimately last and what its costs will be. Undoubtedly, there will be new challenges in the area of computerization, logistics, personnel management, real estate management, cybersecurity and broadly understood health protection.
The COVID pandemic is a new phenomenon, therefore the studies on it are still new but quickly expanding. The issue of COVID was taken up primarily in medicine and pharmacy [ 12 — 16 ], but shortly afterwards it started to be a subject of research in many other disciplines such as health sciences [ 17 , 18 ], psychology [ 19 , 20 ] or physics and mathematics [ 21 ]. In the field of economic sciences, especially finance, the achievements regarding COVID are getting more and more common and refer mostly to the consequences of the lockdowns.
It has been relatively short time to observe the phenomenon and obtain data reflecting its impact on financial statements but works related to various aspects of COVID in finance and capital markets have been published. The financial issues during the pandemic have been a subject of investigations so far in scope of insurance [ 22 ], banking [ 23 — 25 ] or financial system [ 26 ]. One can also find results of research performed in other financial aspects linked with COVID, such as those presenting the influence of the dynamics of the panic level due to COVID shock onto movements of the exchange rates [ 27 ].
The influence of the pandemic onto alternative investments such as cryptocurrencies is also becoming important area of the research in finance [ 28 — 32 ]. The literature in this scope contains works published even before the outbreak of the pandemic but suitable for explaining investor behaviors in the COVID period as well as works completed during the pandemic. In the first group, one may find papers addressing the issues of contagion [ 33 ], spillovers between markets during shocks [ 34 ] as well as the impact of bad news on the time-varying betas [ 35 ].
In the second, there are papers related to issues of dependencies between global factors and markets [ 36 ] or to links between individual stock market reactions and severity of the outbreak of pandemic in various countries [ 37 ]. Moreover, one can list some other works, e. Singh [ 38 ] found that investors become more attentive to corporate fundamentals and ESG that support the long-run sustainability of firms during turbulence.
Fundamental aspects of investments were also pointed out by Mirza et al. In the field of stock pricing and price tendencies, Shehzad et al. Against this background, Narayan et al. The review of the literature shows a relatively low number of works related to the CEE countries where the pandemic has also been strongly affecting the financial markets. The reason behind such phenomenon may be the relatively large fragmentation of local capital markets in the CEE region, their small capitalization in most of the countries, as well as the overall lower financialization of the economies compared to highly developed countries.
In this scope the investigation of Topcu and Gulal [ 44 ] reveals that the negative impact of the pandemic on emerging stock markets was stronger in Asia than in Europe and has gradually fallen and begun to taper off by mid-April. The authors also point that in emerging markets the size of stimulus packages provided by the governments matter in offsetting the effects of the pandemic. Other research related to exchange rates and stock market behavior of the Visegrad countries of CEE during the pandemic shows a significant and negative link between the Visegrad stock market indices and the COVID spread [ 2 ].
Apart from not many works related to the pandemic in CEE, a largely missing part in the current research is the influence of COVID onto specific sectors of economies. Some results of sectoral affection can be found in Wojcik and Ioannou [ 11 ] pointing the relatively lowest downgrading of the health care and consumer goods and the highest in energy, financial and industrial sectors. Other evaluation of stock market under the pandemic terms was performed by Haroon and Rizvi based on sectoral indices for US from Dow Jones [ 45 ].
Similar results on sectoral returns for the Australian stock market were obtained by Najdu and Ranjeeni [ 46 ]. Another analysis was conducted by Mazur et al. The authors found that during the stock market crash stocks in healthcare, food, natural gas, and software sectors performed abnormally well whereas companies from crude oil industry, real estate, entertainment and hospitality sectors were the worst performers.
Apart from that, some sectoral evaluation was also performed based on Chinese companies and China stock market, including He et al. All the above-mentioned research were focused mainly on stock market pricing or volatility analysis but not directly on complex evaluation of the stability.
The review of the research on the influence of the pandemic and finance reveals a relatively low number of investigations related to stability of financial markets after the outbreak of the pandemic COVID The concept of financial stability is ambiguous and can be interpreted in many ways as well as from different perspectives, including infrastructure, institutions, instruments, markets, regulations and financial results. The review of the research concerning the financial stability proves that there are no commonly accepted definitions, models or analytical frameworks for its assessment.
The complexity of the topic, as well as problems with defining and measuring financial stability was shown by Schinasi [ 52 ] and Goodhart [ 53 ] whose works lead to the conclusion that a single target variable cannot be appropriate for defining and measuring financial stability. MACD indicates clearer price trend since the fast moving average are crossing the slow moving average from above in these few days, which indicates that the market is bearish as well.
The RSI is Since the price decreases and open interest decreases, the market is strengthening. Since both the volume and open interest decrease, the market is in a congestion phase. Large number of open contracts indicated increased activity large amounts of buyers and sellers and increased liquidity.
Its use in the market as a technical indicator works as follows : Price increases as open interest increases, market is strong — money is flowing into the market Price increases and open interest decreases, market is weakening Price decreases and open interest increases, market is weak — the market is liquidating. Price decreases and open interest decreases, market is strengthening Open Volume Traders will receive the most benefit when there is high liquidity in the market. Volume moves up and down in the month, it increases in volume as contracts move from 1st to second month out traders then move closer to the delivery month, so volume increases over time, but consequently volume declines as the delivery date gets close.
A rising volume and a rising open interest are confirmation of a trend. A rising volume and a falling open interest suggest position liquidation. A falling volume and a rising open interest point to a period of slow accumulation. A falling volume and a falling open interest depict a congestion phase.
Keep reading for a breakdown of the best monitors for trading, what features to look for in a trading monitor, and our top picks for monitors to help you successfully day-trade.
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| Top 10 cryptocurrency exchanges 2018 | Imagine using one monitor for your trading. This scan projects the Volume Profile from the prior period into the current one. Feel free to share this post and the codes with a link back to ThetaTrend. Users can typically trade U. The standard deviation of the moves away from the mean are used to form two bands around the price. |
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| Epsom oaks 2022 betting trends | Considered a bullish pattern. Black Body Formed when the opening price is higher than the closing price. One of such measure, often proposed in the literature, is the silhouette coefficient [ 91 ]. This scan projects the Volume Profile from the prior period into the current one. Unusual volatility spikes, exceptional buying or selling pressure, abnormal option activity and patterns in institutional and insider activities can generate many trading opportunities. |
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