Notice the runaway gaps to the downside.

BIST:XU100   BIST 100 Index
Notice the huge pressure to the downside and the general pattern is still very very bearish with a possible target of 75.000 ( the mean of the previous squueze channel)
Although Turkish Manipulators like to close all possible gaps when/if there is suitable environment, this gaps mean that there will be a huge pressure on the market to the mean 75.000.
It also coincedes with the Turkish Lira depreciation story.
Turkey has two major problems at the same time, lack of Savings and Lack of Foreign Exchange. The latter problem can not be solved via Turkish Lira nominated/settled swap auctions. There is a need for actual USD. Full Stop!
If market volatility calms down and manipulators try to close these gaps, that will be a great opportunity to sell long assets.


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