Turkish REIT EKGYO (Emlak Konut GYO) is currently at a value (1,21) far below normally it should be (2,37-3,32). At first sight it seems a great buying opportunity. Now let's look at the chart more carefully.
When we look at the weekly chart, it is still in the downward channel, and the uptrend it catches since the end of May looks like the reaction within this channel. Likewise, an upward trend has started on the RSI side, but it has not yet broken the long downtrend. Moving average showed a reaction, but it's still below the bollinger middle band.
When we come to the daily chart; With the downtrend started in March, the uptrend started in late May seems to have formed a triangle, and it looks like there might be a hard upward or downward movement in a week or two. The RSI bounced back from the resistance of the March downtrend and broke down uptrend support. Parabolic SAR has also started to show a decline. A single indactor left which is Moving Average indicator is still above the Bollinger middle band, with its break (the Moving Average on the 4-hour chart broke the Bollinger middle band). If the triangle is broken down, the targets will be 1.13 and 1.06. Below 1.06 is completely empty. This downward trend is expected to be completed for medium and long term purchases. In the short term, experienced friends in the stock market may see more trading opportunities.
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The value is going just like we drew. I think we can see the target reached in a week or so.