MSCI iShares Turkey ETF is once again coming up to a solid resistance level (third try so far, no break)
and its RSI is coming off overbought (80+) in negative divergence...
Meanwhile, Lira pairs like USD/TRY and EUR/TRY are around their 200-day moving average, and
it looks like we are good to buy soon for the next leg up.
Keep an eye on these pairs...
TUR CMP - $24.42
Looking bullish in higher time frame. One can go for Swing Trade setup with the following entry, exit & targets
Buy range $24.40 - $24.50 / Stop Loss $23
Target 1 - $26
Target 2 - $27
Target 3 - $28
Disclaimer: This is my view and for educational purpose only.
Turkey 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,...
Turkey invaded Syria, Trump will throw another Twitter fit this weekend. Rolled into some puts this morning, will add if it rebounds. Trumps actions will probably get announced over the weekend, that's what happened the last time the Lyra took a crap.
Will probably dump the puts Monday regardless.
Turkish economy suffering a huger recession whereas admins and didn't want to declare it. After a year and a half I believe the real reason behind could be a huge rally to perform before confessing the huge debt crisis.
If I m not mistaken in above hypothesis, we are in the early days of a 3rd of 3rd wave in Elliott and some very interesting news is about to come...
Interesting to note that despite the nice gains Turkish equities saw in January 2019 (+15.7%) to make up for December 2018 (-6.87%), the asset class has experienced some nasty losses in February (-3.63%) and March (-4.36% so far) - all of which are quickly eroding all YTD gains.
Its the only EM market to have suffered such losses so far (rivaling that of South...
Lira tanking again, BIST (Turkish market) looks bearish as well. When panic sets into either one, this will tank hard and fast. Chart wise, it looks like it's going to break support.
In for some March 15 puts.