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iShares MSCI Turkey ETF

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TUR trade ideas

TUR - setting up for something more?TUR has been in a sideways consolidation since mid 2018. In Dec 2021 (3rd week of month), demand showed up in a major after washing out and springing the multi year lows (08/18, 3/20, 10/20). This was was the widest spread bar, on the highest volume in this multi consolidation since the climactic low in Aug 2018; price closed near the highs and is emblematic of buyers stepping forward in a major way. Even more constructive, after this spring price drifted lower and tested the demand area successfully: in late Feb another wide spread bar printed on an uptick in volume and closed well off the lows in the upper third of the range. This suggests there was a fair amount of buying going on during the week as buyers were able to negate sellers and push price up. After this successful test we then see an immediate, positive reaction upwards which shows us some conviction/follow through - also very bullish. Given the selling we witnessed this past week, I'm waiting on a backup to the broken resistance (around $21, early Jan highs) for a spot to jump in here. Any demand showing up around this area warrants a swing long with first target being the upper band of the larger consolidation ($28-$30). There is plenty of cause here as this ETF has been consolidating for 3+ years. If we don't see any demand show up on the way down toward $21 then no problem, just a candidate at this point.
NASDAQ:TURLong
by ForestTrader
$TUR Turkey bullish breakoutNice breakout here on Turkey ETF TUR and close above 30week MA I'm long shares Technically looks like Wyckoff accumulation pattern with "Spring" action in DEC and now entering phase D Expect a little LPS pullback , but I remain bullish above 20 zone. First target 24 zone, implies 30 , and a possible break there , well it's been resistance since JUL 18 so would expect a massive move there. Will add size as the trade works and on a nice pullback.
NASDAQ:TURLong
by FriscoTrades
TUR (Turkish Stocks Index) Descending Triangle. -59% Drop ComingSome people have been pointing out to me that the Turkish stock market has been hitting all time highs consistently through 2021. However, this is only apparent when looking at Borsa Istanbul Index in Turkish Lira. Once you look at it in term of USD, it becomes quite clear that the opposite is true. The Turkish stock market has been hitting new lows consistently. We just broke this descending triangle downward. The Borsa Istanbul has suspended trading for the fourth day in a row as of today. We don't know where this index will be when the market opens on 27 December. What we do know is that there is a fully formed descending triangle, and that if it breaks downwards, then we should expect a target of $7.76, a 59% drop from last closing price. I also suspect that the index will trade sideways for a while after hitting the bottom. Psychologically, recovery does not occur immediately after such a devastating drop. We will keep watch throughout 2021, so stay tuned.
NASDAQ:TURShort
by TechNerdOmar
3
Long Turkey: An Alternative to “Short” GoldTurkey is in (continued) currency crisis. CBRT (Cent Bank Repub Turkey) has allegedly run dry of its FX reserves to prop up the lira, which has has been hitting all time record lows vs USD & EUR. As USDTRY broke through the psychological 7 level (and doing so against a weakening dollar at that) in July, CBRT more or less threw in the towel in defending the peg, and began buying up gold. So much so that Turkey overtook Russia as the largest buyer of gold in the world - obviously contributing to gold’s run through prev all time highs, $2k and beyond. As CBRT bought gold at a seemingly price indiscriminate pace, Turkish citizens holding lira and seeing their purchasing power get eroded away by the day and facing double digit inflation moved their assets in to anything other than the lira to preserve value - such at BTC. Unlike BTCUSD, BTCEUR, BTCJPY etc, BTCTRY is at all time record highs for this reason, and BTC’s July-Aug rally has also been supported by this reason. The lira meltdown and horrendous monetary policy mismanagement has also obviously been killing the Istanbul stock market, as well as US listed Turkey ETF TUR. Late last week, CBRT finally took steps to tighten credit conditions to local banks - and although nowhere near a sufficient solution, it put a temporary halt on the sell Lira → buy gold, silver, bitcoin, dollars, yen trend, and reversed its sentiment. And when the largest buyer of gold in the world stops buying after pushing prices to all time highs, gold falls, and when gold falls from all time highs, profit taking from record GLD inflows takes hold. Though I bought puts on gold last week in light of developments in Turkey (which NOBODY is discussing, and therefore perfect - let consensus overlook and talk the usual nonsense explanations for market behavior), I’m not going to short gold on a temp pullback, any more so than I would short BTC for a near term downside view within a longer term bull view. Instead, play the reversal by going long TUR. Buy (very cheap) calls for immediate term upside recovery, which for the time being should move inverse to gold. Keep a very close eye on USDTRY breaking above 7.4 or below 7. And note the CBRT policy meeting later this month (Aug 20) for a potential inflection point for current trend to reverse again, and gold to continue upside.
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NASDAQ:TURShort
by acrossthespread
19