# GPW swing screen — Thursday 5 November 2026 (1-month horizon)

Data: biznesradar.pl, 50 sessions (26/27 Aug–4 Nov 2026). Closes from **4 Nov** for WIG20, WIG, mWIG40, LPP, DNP, CDR, ACP, KTY, OPL, TPE, GPW, ASB, DOM, MRB, PKN, XTB, KRU, CBF. **For MBK, BFT, ALE, BDX, CAR, PCO, PGE, PKO, PEO, PZU, ALR, ENA, APR, 11B, MIL, CPS, sWIG80 the source/buffer returned data only through 3 Nov** (JSW and KGH: KGH through 3 Nov, JSW through 2 Nov) — marked "(3 Nov)" in the table. Morning prices of 5 Nov are stale and are not given. Dividends adjusted: LPP −500 (ex 8 Oct), BFT −100 (ex approx. 4 Sep); PZU (PLN 4.80, dividend day 17 Sep) **not adjusted** — PZU indicators understated by approx. 6%. 33 companies + 4 indices scanned.

## Market regime
- **GPW, 4 Nov:** WIG20 4,190.08 (+1.24%), WIG 158,141 (+1.47%), mWIG40 10,728 (+2.3%). WIG20 reclaimed EMA20 (4,193) and SMA20 (4,204 — practically at them), is above SMA50 (4,154); RSI 52, 2.2% below the high. mWIG40 above SMA20 and SMA50 (RSI 52). **sWIG80 (through 3 Nov) weak:** 29,347, −7.9% from the high, below SMA20 and SMA50, RSI 26 — small caps are not participating in the rebound.
- **Breadth:** of the 33 scanned companies 16 are above SMA50, 14 above EMA20. The 4 Nov rebound was broad (banks +1.5–2%, WIG-Banki +1.81% per Parkiet), but after three down sessions (~3.5–4%) it is only a return to the averages, not a new impulse.
- **Sectors:** leaders — retail/e-commerce/consumer (LPP, ALE, BFT, DNP, CAR), telecom (OPL, new high), mBank after results. Laggards — commodities/metals (KGH −27% from the high, JSW −33%), fuels (PKN 7 down sessions, −13.7%), speculative financials (XTB −30%, KRU −20%), Polsat (−32%), gaming/IT (11B, −14%).
- **US (close 4 Nov, AP):** S&P 500 7,688.62 (+1.6%), Nasdaq 25,736.51 (+1.4%), Dow 53,356 (+3.0%), Russell 2000 2,856.95 (+1.6%); broad rally approx. 3:1 after the midterm elections; semiconductors −3.1%. Position relative to SMA50/200 — unavailable in the sources.
- **VIX 16.61** (−20% from 20.83). **UST 10Y 4.89%.** **Brent USD 94.62 (−8.7%)**, 2-month lows. COMEX copper USD 6.41/lb (one source; LME unavailable). **USD/PLN 3.896, EUR/PLN 4.3864** (money.pl 5 Nov 07:00, market rates, not the NBP table).
- **Macro:** MPC (RPP) 4 Nov — rates unchanged (reference rate 3.75%), next meeting 2 Dec; Poland CPI flash for Oct: 3.5% y/y (Sep: 4.1%); Fed 3.75–4.00%, FOMC 8–9 Dec, **market pricing approx. 81% odds of a hike** in December; ECB deposit rate 2.50%. On the calendar: Fri 6 Nov US payrolls (consensus +65k), Tue 10 Nov US CPI. Sources: [AP](https://mymotherlode.com/news/national/11281794/how-major-us-stock-indexes-fared-wednesday-11-4-2026.html), [CappNotes](https://cappnotes.substack.com/p/closing-look-wednesday-november-4), [Parkiet](https://parkiet.com/gielda/art45446641-wzrost-apetytu-na-ryzyko-pomaga-gpw), [finwire RPP](https://finwire.pl/artykuly/decyzja-rpp-4-listopad-2026-stopy-bez-zmian), [money.pl](https://www.money.pl/pieniadze/ile-kosztuje-euro-kurs-euro-do-zlotego-pln-eur-05-11-2026-7347644521163232a.html).
- **Takeaway: neutral-constructive environment, better than 4 Nov** (rebound on global risk-on, VIX 16.6, falling yields and oil). Constraints: the index is only back at its averages, sWIG80 is weak, PKO and Dino report today, payrolls on Friday, and Fed tightening is priced in the background. **I prefer limit entries on pullbacks in leaders, positions of approx. 60–80% of standard size, hard stops; no chasing today's open.**

## Ranking (R from the midpoint of the entry zone)

| # | Tic | Company | Sector | Price | From high | Trend | Support | RSI | Fund/30 | Tech/70 | Total | Class | Entry | Stop | T1 | T2 | R (T1 / T2) | Earnings |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | LPP | LPP | apparel/retail | 26,580 | −2.4% | uptrend (SMA20 26,402 > SMA50 24,011) | 25,740–26,190 (4 Nov low, EMA20 26,192) | 60 | 25 | 49 | 74 | A/B (rejection candle 4 Nov; limit on a pullback) | 25,900–26,300 | 25,150 | 27,250 | 28,300 | 1.2 / 2.3 | 3 Dec |
| 2 | MBK | mBank | banks | 1,610 (3 Nov) | −3.5% | uptrend after the gap (SMA20 1,476 > SMA50 1,452) | 1,525–1,575 (inside the 28 Oct gap) | 62 | 22 | 49 | 71 | B (gap retest) | 1,525–1,575 | 1,470 | 1,700 | 1,800 | 1.9 / 3.1 | none (results 28 Oct) |
| 3 | ALE | Allegro | e-commerce | 58.36 (3 Nov) | −2.7% | uptrend (SMA20 56.4 > SMA50 51.0) | 56.0–57.0 (EMA20 56.65 / SMA20 56.4) | 64 | 23 | 45 | 68 | B (limit on a pullback) | 56.0–57.0 | 54.30 | 60.30 | 63.00 | 1.7 / 3.0 | **12 Nov (7 days!)** |
| 4 | BFT | Benefit Systems | services | 5,900 (3 Nov) | −1.3% | uptrend (SMA20 5,710 > SMA50 5,380) | 5,700–5,800 (EMA20 5,731) | 65 | 22 | 43 | 65 | B (retest) | 5,700–5,800 | 5,520 | 6,050 | 6,350 | 1.3 / 2.6 | 19 Nov (14 days — at the edge of the window) |
| 5 | CDR | CD Projekt | gaming | 264.00 | −2.9% | sideways-up (SMA20 264.2 > SMA50 250.9) | 258–262 (SMA20 retest) / 250.5–252.6 (SMA50, 3–4 Nov lows) | 55 | 21 | 43 | 64 | A/B (4 Nov engulfing off SMA50) | 258–262 | 248.5 | 272.9 | 285.0 | 1.1 / 2.2 | 24 Nov (19 days) |
| 6 | DNP | Dino Polska | grocery | 38.34 | −3.3% | uptrend (SMA20 37.9 > SMA50 36.3) | 37.3–37.9 (EMA20 37.74) | 58 | 18 | 45 | 63 | B — **after earnings** | 37.3–37.9 | 36.30 | 39.65 | 41.50 | 1.6 / 3.0 | **5 Nov (TODAY)** |
| 7 | BDX | Budimex | construction | 734.60 (3 Nov) | −0.8% (no pullback) | uptrend (SMA20 705 > SMA50 703) | 705–716 (SMA20/EMA20 709) | 58 | 20 | 40 | 60 | C (retest) | 705–716 | 668 | 749 | 780 | 0.9 / 1.6 | reported (27 Oct) |
| 8 | CAR | Inter Cars | automotive | 1,042 (3 Nov) | −2.1% | uptrend (SMA20 1,015 > SMA50 969) | 1,015–1,030 (EMA20 1,016) | 61 | 21 | 38 | 59 | C | 1,015–1,030 | 960 | 1,076 | 1,120 | 0.9 / 1.6 | **17 Nov (12 days)** |
| 9 | ACP | Asseco Poland | IT | 237.60 | −5.3% | uptrend (SMA20 237.1 > SMA50 231.3) | 232–237 (SMA20/SMA50) | 48 | 19 | 38 | 57 | B trigger/C | 232–237 | 226 | 250 | 258 | 1.8 / 2.8 | 26 Nov (21 days) |
| 10 | PCO | Pepco Group | retail | 48.13 (3 Nov) | −5.6% | uptrend (SMA20 47.0 > SMA50 44.5) | 47.2–48.0 (EMA20 47.31) | 57 | 15 | 41 | 56 | C | 47.2–48.0 | 45.00 | 51.00 | 53.50 | 1.3 / 2.3 | n/a (the company publishes trading updates, fiscal year ends in September) |

R calculated from the midpoint of the entry zone. **Earnings within 14 days:** DNP (today), ALE (12 Nov), CAR (17 Nov, 12 days), BFT (19 Nov — exactly 14 days). The ranking has 10 positions (not 15) — deliberately: fewer than 15 names meet the criteria "trend + shallow/healthy pullback + support", and some of the candidates (BDX, CAR) have R to T1 below 1. Fund/30 for LPP, ALE, BFT, MBK, CDR, BDX, CAR refreshed on the latest reports (below); DNP, ACP, PCO — cautious estimate.

## TOP 3 right now
1. **LPP** — the strongest relative performer (+31% in 49 sessions, +8 pp vs WIG over 20 sessions), yesterday a rejection candle off EMA20 (low 25,740, close 26,580 at the high of the day), fundamentals after a surprisingly good Q2 — but R to T1 is only approx. 1.2, so a limit on a pullback only, not a chase.
2. **mBank** — breakout from the gap after results, declining pullback volume (63→52→46→31k), no earnings until February and R of approx. 1.9 / 3.1 on a move down to half the gap; rating based on data through 3 Nov, because 4 Nov was an up day for banks.
3. **Allegro** — trend and RS best in the group, 2026 guidance raised, shallow pullback to EMA20; the negative is the 12 Nov earnings (7 days), so a reduced position or entry only after the results.

## Detailed analysis of the TOP 5

### LPP — LPP
**Why it is interesting**
- Leader of strength: +31.5% in 49 sessions, RS +8.5 pp vs WIG over 20 sessions; the 18 Sep gap up after Q2 cleared the 21,000–22,000 base.
- Q2 of FY 2026/27: revenue PLN 6.58 bn (+18.4%), gross margin 57.7% (+3.7 pp), EBITDA PLN 1.74 bn (+46%), net profit PLN 768 m (+64.5%); gross margin guidance raised (56.5–57%) and EBITDA guidance raised (24–25%), net debt/EBITDA target lowered to 1.0, 2027 revenue plan PLN 30–31 bn ([Parkiet](https://www.parkiet.com/handel-i-konsumpcja/art45157481-lpp-srubuje-finansowe-plany), [Strefa Inwestorów](https://strefainwestorow.pl/wiadomosci/20260918/wyrazne-przyspieszenie-dynamiki-przychodow-lpp)).
- Dividend of PLN 900 already cut off (last part PLN 500: last day with entitlement 6 Oct, payment 30 Oct) — the price made up the gap within a week.
- 4 Nov: candle with a long lower shadow (low 25,740 below the 3 Nov low, close 26,580 = high of the day), volume 4.0k shares (20-session average ~4.0k) — an attempt to defend EMA20.

**Fundamentals** — refreshed (Q2 of the FY, above). Valuation and consensus not verified in this run. Next earnings 3 Dec (beyond the entry horizon, but during the swing).

**Technical structure** — daily: higher lows since 18 Sep; high 27,240 (22 Oct), since then five lower daily highs (27,200 → 26,580 at the close); EMA20 26,192, SMA20 26,402, SMA50 24,011. RSI 60, MACD histogram −184 (momentum slowing, but not broken). Weekly trend assessed from daily closes (no separate weekly series): uptrend, 4 weeks of consolidation below 27,240.

**Why the pullback** — market-driven and technically healthy: profit-taking after +30% with no negative announcements; pullback volume is not rising.

**Key support** — 26,192 (EMA20), 25,740 (4 Nov low), 25,860 (3 Nov low), zone 25,260–25,660 (closes of 12–13 Oct after the dividend adjustment), 24,200 (8 Oct low after the adjustment).

**Entry strategy**
- Aggressive: limit 25,900–26,300 (EMA20 + 3–4 Nov lows), half position.
- Confirmed: close > 26,820 (3 Nov high) on volume > 4k; **note: from this level R to T1 falls below 0.5 — this entry makes sense only for T2 after a breakout of 27,250**.
- Ideal signal: close > 27,250 (new ATH) on volume > 5k, then a smaller position and stop 26,000.

**Stop / invalidation** — 25,150 (below the 3–4 Nov lows with a buffer of approx. 0.9 ATR; a close below means loss of the structure since 8 Oct). A close < 24,200 cancels the entire thesis.

**Targets** — T1 27,250 (ATH 27,240 from 22 Oct) → R approx. 1.2; T2 28,300 (base extension 24,200–27,240 ≈ +1,060 from the breakout) → R approx. 2.3.

**Catalysts** — holiday season and Back to School (double-digit revenue growth at the start of Q3 per management), earnings 3 Dec, forecast revisions.

**Risks** — (1) low R to T1 — entry only on a limit; (2) high price and thin share turnover (approx. 4k shares/day) → slippage; (3) change in sentiment toward retail amid Fed tightening/weak zloty; (4) 3 Dec earnings with a high bar after Q2; (5) deepening of the WIG20 pullback below 4,100.

**Verdict: GOOD SETUP** (limit in the zone only; entry at market — WAIT).

### MBK — mBank
**Why it is interesting**
- Q3 (28 Oct): net profit PLN 1.085 bn (approx. +30% y/y, in line with consensus), NII PLN 2.67 bn (+6%, approx. 4% above forecasts), ROE 17.6%, ROTE 21.6%; management announced a return of the dividend from 2026 profit (30% of profit) ([xyz.pl](https://xyz.pl/?p=268637), [Parkiet](https://www.parkiet.com/banki/art44905751-wladze-mbanku-obiecuja-powrot-dywidendy-zysk-w-tym-roku-moze-byc-rekordowy)).
- Gap breakout on 28 Oct (1,485 → 1,611.5) and high 1,701 (29 Oct); pullback from the 1,667.5 close to 1,610 only 3.4%.
- Strongest bank: +15.7% in 49 sessions, +10 pp vs WIG over 20 sessions; no earnings until February 2027.

**Fundamentals** — refreshed after Q3 (as above). Downside: net provisions PLN 261 m, approx. 30% above consensus; legal risk of CHF loans still open. Debt/liquidity of the bank — not verified.

**Technical structure** — SMA20 1,476 > SMA50 1,452; price 9% above SMA20; RSI 62; MACD histogram +22.8 (positive, slightly declining). Volume: breakout 45.7 and 63.6k (2–3× the 20-session average of ~27k), then 52 → 46 → 31k — healthy fading of supply.

**Why the pullback** — profit-taking after the gap + weakness of the banking sector 30 Oct–3 Nov; on 4 Nov banks rebounded +1.5–2% (4 Nov price unavailable — MBK data through 3 Nov).

**Key support** — 1,575–1,583 (2–3 Nov lows), 1,525–1,550 (half of the gap), 1,484.5 (27 Oct close / bottom of the gap), 1,471 (28 Oct low), 1,452 (SMA50).

**Entry strategy**
- Aggressive: limit 1,560–1,575.
- Conservative: 1,525–1,550 (fill of half the gap) on declining volume.
- Ideal signal: rejection in the gap + close > previous session, or close > 1,667.5 on volume > 45k.

**Stop / invalidation** — 1,470 (below the 28 Oct low). A close in the gap below 1,485 = gap filled, thesis violated.

**Targets** — T1 1,700 (29 Oct high 1,701) → R approx. 1.9; T2 1,800 (extension of the gap move ~ +190 points) → R approx. 3.1.

**Catalysts** — recommendation revisions after results, sector improvement (yields down), dividend policy.

**Risks** — (1) the price after the 4 Nov bank rebound may already be above the zone — the limit may not fill; (2) provisions/CHF-loan case law; (3) unrealized rate cuts (MPC holding at 3.75%, but Pekao sees hikes in 2027 — two-sided impact on NII); (4) rejection of the 29 Oct high with a long shadow; (5) low liquidity in a pullback (31–63k shares).

**Verdict: GOOD SETUP** (entry only on a pullback).

### ALE — Allegro
**Why it is interesting**
- Q2 2026: GMV PLN 19.6 bn (+14.4%), adjusted EBITDA PLN 1.03 bn (+11.5%), net profit PLN 529.3 m (+37%); **2026 guidance raised** (GMV PLN 78.3–79.9 bn, adj. EBITDA PLN 3.9–4.1 bn) ([Parkiet](https://www.parkiet.com/handel-i-konsumpcja/art45153251-allegro-podnosi-prognozy-akcje-drozeja)).
- Trend: +30% in 49 sessions, +15.5 pp vs WIG over 20 sessions; SMA20 56.4 > SMA50 51.0; high 60.31 (2 Nov).
- 3 Nov: −2.7% (59.60 → 58.36) on volume of 4.6 m (20-session average 4.5 m) — pullback without escalation of supply; earlier sessions with 6–7 m volume on rises.

**Fundamentals** — refreshed after Q2 (above). Net debt/EBITDA and dividend — unverified. Q3 report on **12 Nov**.

**Technical structure** — higher lows (49.5 → 51.6 → 55.5 → 57.3); EMA20 56.65, SMA20 56.4. RSI 64 (healthily high), MACD histogram −0.07 (momentum past its peak, close to zero).

**Why the pullback** — market-driven (WIG −3.5% 29 Oct–3 Nov) and technical profit-taking after a new high. On 4 Nov Allegro was +2.4% intraday per Forsal (close unavailable) — if confirmed, the entry zone is approx. 5% away.

**Key support** — 56.65 (EMA20), 56.0–56.4 (SMA20), 55.5 (19 Oct low), 54.3 (below the lows of the week of 19 Oct), 51.0 (SMA50).

**Entry strategy**
- Aggressive: none (R from a 58–60 price to T1 < 1).
- Conservative: limit 56.0–57.0, **half position, because earnings are in 7 days**.
- Ideal signal: rejection at 56–57 and close > previous day, or — after the 12 Nov earnings — a gap up held above 60.3.

**Stop / invalidation** — 54.30 (below the 19 Oct low of 55.52 with a buffer). A close < 51 (SMA50) invalidates the trend.

**Targets** — T1 60.30 (ATH 2 Nov) → R approx. 1.7; T2 63.0 (extension of the 49.5 → 60.3 move by approx. 25%) → R approx. 3.0.

**Catalysts** — 12 Nov earnings, Black Friday/holiday season, raised EBITDA guidance.

**Risks** — (1) **earnings in 7 days — gap in both directions**; (2) rising yields and Fed tightening hit growth valuations; (3) the market has almost 100% priced in the good Q2 (+30%); (4) price competition in e-commerce (margins); (5) a shallower pullback than the zone — the entry may not occur.

**Verdict: GOOD SETUP** (with the earnings caveat; half position or entry after 12 Nov).

### BFT — Benefit Systems
**Why it is interesting**
- Q2: revenue PLN 1,459.7 m (+33.4%), EBITDA PLN 459.1 m (+40.9%, margin 31.5%), net profit attributable to the parent PLN 222.2 m (+55.5%, +11% vs PAP consensus) ([Strefa Inwestorów](https://strefainwestorow.pl/wiadomosci/20260820/wyniki-benefit-systems-w-ii-kw-2026-roku-vs-konsensus-pap-tabela)); DM BOŚ: slightly positive results.
- Breakout from the 6 Oct base and a +18% trend; RS +11 pp vs WIG over 20 sessions.
- Consolidation at 5,780–6,035 for three weeks with volume around the average (5.4k).

**Fundamentals** — refreshed after Q2. The price fell after the results despite their quality (Parkiet) — article text not read; net debt/EBITDA unverified. Earnings 19 Nov.

**Technical structure** — higher lows 5,225 → 5,410 → 5,565 → 5,780; SMA20 5,710 > SMA50 5,380; EMA20 5,731; RSI 65, MACD histogram +3.7 (down from +13.5 — fading impulse).

**Why (no) pullback** — this is consolidation below 6,035, not a pullback; a candidate only for a retest.

**Key support** — 5,710–5,731 (SMA20/EMA20), 5,565 (20 Oct low), 5,520 (closes of the week of 19 Oct), 5,380 (SMA50).

**Entry strategy**
- Aggressive: none (at 5,900 R to T1 ≈ 0.5).
- Conservative: limit 5,700–5,800.
- Confirmation: close > 6,035 on volume > 7k — smaller position, stop 5,800.

**Stop / invalidation** — 5,520; a close < 5,380 (SMA50) = return to the base.

**Targets** — T1 6,050 (high 6,035) → R approx. 1.3; T2 6,350 (base extension ~ +980 from 5,395) → R approx. 2.6.

**Catalysts** — earnings 19 Nov (14 days), growth in the number of cards/users (unverified).

**Risks** — (1) no pullback — the retest may not occur; (2) modest R to T1; (3) earnings at the edge of the swing window; (4) thin liquidity, slippage; (5) rotation out of consumer names amid higher yields.

**Verdict: WAIT FOR CONFIRMATION** (retest of 5,700–5,800 or breakout of 6,035 on volume).

### CDR — CD Projekt
**Why it is interesting**
- Q2: revenue PLN 244.2 m (consensus 200.0), EBITDA PLN 161.4 m (110.1), net profit PLN 142.9 m (99.3, +44%), cash approx. PLN 1.29 bn ([Strefa Inwestorów](https://strefainwestorow.pl/wiadomosci/20260902/zysk-netto-cd-projektu-red-wyniosl-w-ii-kw-1429-mln-zl-wobec-konsensusu-993-mln), [ppcg](https://ppcg.com.pl/cd-projekt-red-zysk-netto-wyniki-ii-kwartal-2026/)).
- 4 Nov: +2.9% (256.5 → 264.0), low 252.6 at SMA50 250.9; close above the previous day's high (256.9) = bullish engulfing after two sessions testing SMA50.
- +12.8% in 49 sessions; last week's trigger (close > 262) fired.

**Fundamentals** — refreshed after Q2; dividend and valuation details unverified. Narrative catalysts: Witcher 4 (the market is "waiting"), 24 Nov earnings.

**Technical structure** — price ≈ SMA20 (264.2), 5% above SMA50 (250.9), high 272.9; RSI 55, MACD histogram −1.7 (improving from −2.0). Volume: 30 Oct rejection from 270 on 404k (supply), then 321 → 212 → 230k on the rebound (below the average of 259k) — the rebound is still without strong volume.

**Why the pullback** — 30 Oct drop of −4.7% on heavy volume (active supply), then a calm test of SMA50; technically profit-taking before 270.

**Key support** — 258–262 (SMA20, closes of 30 Oct–2 Nov), 252.6 / 250.5 (3–4 Nov lows), 250.9 (SMA50), 248.5 (last line of defense).

**Entry strategy**
- Aggressive: limit 258–262 (SMA20 retest).
- Confirmed: close > 270.3 (highest close of 29 Oct) on volume > 260k.
- Ideal signal: second up day with volume > average and close > 267.

**Stop / invalidation** — 248.5 (below SMA50 and the 3 Nov low of 250.5); a close below = test lower (the 8 Oct low of 252.5 is already violated).

**Targets** — T1 272.9 (50-session high) → R approx. 1.1; T2 285.0 (base extension 250–272.9) → R approx. 2.2.

**Catalysts** — 24 Nov earnings, Witcher 4 / DLC news, dividend payment (unverified).

**Risks** — (1) weak R to T1 (1.1); (2) rebound volume below average; (3) the 24 Nov result after a very high Q2 bar; (4) sensitivity to the US semiconductor/gaming sector (SOX −3.1% on 4 Nov); (5) 30 Oct rejection on heavy supply.

**Verdict: WATCH** (good structure, R to T1 insufficient — entry only in the lower half of the zone).

## DNP — note outside the TOP 5
Q3 earnings **today (5 Nov)** — do not enter before the reaction. Noble Securities forecast (not consensus): revenue PLN 9,706 m (+10.8%), EBITDA PLN 742 m (margin 7.6% vs 8.6%), net profit PLN 451 m (approx. −6% y/y), LFL approx. +0.5% ([Stockwatch](https://www.stockwatch.pl/wiadomosci/wojna-cenowa-wyniki-biedronki-dino-polska-prognozy-iii-kwartal-2026,akcje,384144)); Biedronka in Q3 LFL −1.8% amid basket deflation of nearly 7% (DM BOŚ: slight negative for Dino). Actual results unverified (the report was not yet available in the sources at the time of the scan). Q2: revenue PLN 9,531 m (+10.5%), EBITDA PLN 665 m (+2.2%), net profit PLN 400 m (+0.6%) — margins under pressure. Technical setup good (38.34, above SMA20 and SMA50, pullback −3.3%), but fundamentals weakening → lowered rating, **WAIT FOR CONFIRMATION after the report**.

## Watchlist for the next 1–3 weeks
- **OPL** (Orange Polska, 16.89) — new high +4.5% on 4 Nov, RSI 66, no pullback: wait for a retest of **16.0–16.3** (EMA20 15.94, SMA20 16.03) with rejection; stop below 14.8 (20-session low). Q3 report already published (26 Oct).
- **PEO** (Pekao, 261.20 through 3 Nov) — below SMA50 266.6, RSI 46: interest after a close **> 267** on volume > 615k; stop 250; the 29 Oct report is behind us.
- **PKO** (113.62 through 3 Nov) — below SMA50 117.5, RSI 44; **report 5 Nov (today)**: only after the reaction and a close **> 118.4** on volume > 3.1 m.
- **KTY** (Kęty, 1,266) — narrow range 1,227–1,317, RSI 53, preliminary Q3 results in line with consensus (revenue approx. PLN 1.62 bn, EBITDA approx. PLN 325 m): close **> 1,292** (16 Oct resistance) on volume > 20k; stop 1,227.
- **ALR** (Alior, 135.80 through 3 Nov) — at SMA50 (134.1), RSI 51, −4.4% from the high, results of 27 Oct behind us: close **> 142.65** (50-session high) on volume > 480k or rejection from 126.8–134.

## Rejected
- **KGH** (−27% from the 383.9 high, RSI 30, below SMA20 and SMA50; data through 3 Nov, the +4.9% intraday rebound on 4 Nov does not change the structure), **JSW** (−33%, RSI 23), **CPS** (−32%, RSI 24, gap down 29–30 Oct), **XTB** (−30%), **KRU** (−20%), **ASB** (−19%, below a series of lower highs) — long declines, not a healthy pullback.
- **PKN** (140.28, −13.7%, RSI 34, seven down sessions, below SMA50 152.6; close near the 20-session low) — oil pressure (Brent −8.7%) and investment uncertainty; no reversal pattern.
- **PGE** (15.50 through 3 Nov, −10.4% after a +43% parabolic run, below SMA20 16.45), **11B** (113.2, RSI 23, below SMA50; the Microsoft/Game Pass deal is good, but the structure is broken), **CBF**, **APR**, **MRB**, **GPW** (−12%, below SMA50 or sideways with no edge), **ENA** (estimated Q3 results below expectations: EBITDA PLN 1,139 m vs forecast PLN 1,159 m).
- **PKO / PEO** — below SMA50 (see watchlist). **PZU, DOM, MIL, TPE** — no edge (sideways ranges, RSI 44–49); for DOM the ex-dividend date for PLN 7.35 is approaching (dividend day 30 Nov).
- **SPL, ERSTEPL, BHW** — no data (download failed), skipped.

## Review of the previous scan (4 Nov, data through 3 Nov)
- **LPP** (limit 25,500–26,000, stop 24,950, T1 27,250): 4 Nov low 25,740, close 26,580. A limit in the upper part of the zone (≤ 26,000) may have filled; price +2.2% from 26,000, +4.2% from 25,500; T1 untouched (4 Nov high 26,580). Stop not threatened.
- **MBK** (limit 1,525–1,575, stop 1,470): no 4 Nov candle in the source — **cannot be reviewed**.
- **DNP** (WAIT, after the 5 Nov earnings): 4 Nov close 38.34 (+0.6% vs 38.10); entry before earnings was not planned. The low of 37.72 touched the upper part of the 37.3–37.9 zone.
- **BFT** (retest 5,700–5,800): no 4 Nov in the source — not reviewed; 3 Nov low 5,780 (upper edge of the zone), price 5,900.
- **PCO** (C, 47.2–48.0): no 4 Nov in the source — not reviewed.
- **ACP** (trigger close > 241): 4 Nov close 237.60, high 240.70 — trigger not fired; price +0.4% vs 236.6.
- **CDR** (trigger close > 262, stop 246, T1 272): 4 Nov close 264.00, high 264.5 — **trigger fired**; price +2.9% vs 256.5 on the scan day; stop untouched (low 252.6), T1 untouched.
- **PGE** (C): no 4 Nov in the source. Watchlist: **ALE** (retest 55.5–56.5) and **BDX** (705–716) — no 4 Nov; 3 Nov ALE low 57.26, BDX low 700.6 (**BDX touched the bottom of the zone**, closed at 734.6, the high of the day). **KTY** (> 1,292): close 1,266 — no. **PKO/PEO**: 4 Nov not in the data. Rejected: **KGH** (4 Nov intraday +4.9% per Forsal, data unconfirmed) and **PKN** (140.28, −2.75% — rejection was correct), **CBF** (190.10, +0.6%).
- **Assessment:** the 4 Nov scan was cautious; correct in its rejections (PKN) and triggers (CDR). The main review is limited by the lack of 4 Nov candles for 15 names.

## Method and caveats
- **Sources:** biznesradar.pl (history, 50 sessions; fetched via WebFetch by subagents, after looking up addresses in WebSearch — without this the tool rejected the addresses). Global context: AP, CappNotes, Admirals, Parkiet, Forsal, finwire, money.pl (links in the Regime section). Earnings dates: Strefa Inwestorów (calendar), Parkiet/ESPI, company IR. Fundamentals: Parkiet, Strefa Inwestorów, xyz.pl, ppcg.
- **Indicators (Python):** SMA20/50, EMA20, Wilder RSI14, MACD 12/26/9, ATR14, 50-session high (on closes), RS vs WIG (20 sessions). **SMA100 and SMA200 unavailable** for GPW in free sources — not given. Weekly trend assessed from daily series (no weekly candles).
- **Date consistency:** 17 series with the last candle of 3 Nov (JSW: 2 Nov), despite repeated downloads with a different address — the source or buffer (15 min) did not yet have 4 Nov. Their prices do not reflect the 4 Nov rebound (banks +1.5–2%, Allegro approx. +2.4% intraday per Forsal) — **treat entry levels for MBK, ALE, BFT, BDX, CAR, PCO as cautious, current prices may be higher**.
- **Fundamentals:** refreshed for LPP, MBK, ALE, BFT, CDR, BDX (Q3: revenue PLN 2.83 bn +3.4%, net profit PLN 182 m +7%, backlog PLN 17.3 bn, net cash approx. PLN 1.8 bn — [xyz.pl](https://xyz.pl/?p=268436)), CAR (H1: net profit PLN 490 m +42%, net debt/EBITDA 1.76 — [Quartr](https://quartr.com/events/inter-cars-sa-car-h1-2026_FLZp2OlS)). Margins, FCF, net debt/EBITDA and consensus were not verified for the others; Fund/30 of DNP, ACP, PCO estimated cautiously. Dino and PKO Q3 results (5 Nov) unavailable at the time of the scan.
- **Earnings dates:** verified: LPP 3 Dec, ALE 12 Nov, BFT 19 Nov, CAR 17 Nov, CDR 24 Nov, ACP 26 Nov, PZU 19 Nov, DOM 19 Nov, DNP 5 Nov, PKO 5 Nov. Published: MBK 28 Oct, BDX 27 Oct, OPL 26 Oct, KTY 26 Oct, PEO 29 Oct, ALR 27 Oct. PCO: a quarterly report in the calendar sense does not exist (fiscal year to September, trading updates) — unverified.
- **Unverified/unavailable:** position of S&P/Nasdaq relative to SMAs, LME copper, NBP table, date of final CPI. Ex-dates of LPP and BFT dividends approximated from the "dividend day" (levels adjusted for the full amount). Failed to download SPL, ERSTEPL, BHW — outside the scan.
- Universe of 33 companies + 4 indices — below the assumed 45–85 names; the narrowing results from download limitations (WebFetch required addresses from search results).

Screening exercise under the given framework, not investment advice.