XU100 trade ideas
BIST 100Closed at 1379.25 Today we will see some huge moves on opening up side in momentum
target 17K
Turkey Stock Exchange Future TwoWe mentioned it in the Turkey Stock Exchange Future analysis.
The 1580 level was important.
Now I think the nose is a clear peak.
If 1466 is broken, the correction will be started in the stock market.
I think the first possible target is 1215.
I cannot predict beyond the 1215 level before the price reaches 1215.
There are 2 possibilities.
Double top formation strongly hinting a bearish BIST 100Apart from the double top formation; my observations supporting a bearish BIST 100 are:
Already broke the 21 and 50 day SMAs.
Broke the upward trend for RSI.
Targets:
1380-1420: 100 day SMA and %78.6 Fibonacci level.
1280-1300: 61.8% Fibonacci level and support from the upward trend starting March 2020. This will also likely be around the 200 day SMA, too.
1190-1210: 50% Fibonacci level and filling the gap from November 2020.
