XU100 trade ideas
Critical Support Zones For XU100I have depicted the critical support zones for the main XU100 index. Personally, I have no comment neither idea which one to hold.
Yet, one should consider the current inflation in Turkey and the trend that is just broken was really really strong with the largest help coming from the banks.
I will be 50% cash waiting for signals of strength in BIST last weekend correction in Turkey stock market was not only limited to the Indexes.
all the market made a deep correction.
overall market has lost its 10 days SMA.
the next possible support zone can be 2300-2400 in BIST 100 that is a strong support and in coincidence with 20D SMA
BIST 100 needs a deeper rest to before its next flight Turkey stock market is in a strong bull trend since March 23,2020,charts say that this trend will be continuous. but any healthy trend needs enough correction after any big wave .
as my vision to BIST100, I expect 2 scenarios :
1- BIST will drop down 7%to 15% and start its new bull movement from bottom of its channel.
2- BIST will make an squeeze pattern between 1800 to 2000 and after a period it will break mentioned pattern.
anyway, I will stay out.
in this moment cash is King.
XU100 is still in a correctionThe first 5 waves of a zigzag formation are completed. Next, If it proceeds toward the B in a 3 way (ABC) formation then we will be sure about the being of wave C. However, time will tell if it is a single, double or triple zigzag in the overall correction. First we have to wait for confirmation of wave B. Trade safe!