Nightmare before Christmas for Turkish Banks (Stocks)The price has broken below the triangle support line. It seems to be early for a long position. Support and resistance zones are on the chart.
About BIST Banks Index
ISIN
TRAIMKB00200
FIGI
BBG000RSGN64
The XBANK Index also referred to as BIST Bank is a capitalization-weighted index composed of all banking institutions listed in the Istanbul Stock Exchange.
XBANK Up or Down?I follow these Fibo levels with BIST:XBANK
looks like it is working perfectly until now. there are two critical levels to secure continuing uptrend. 50day MA is working well as a support and resistance. In case the index flexes below 50day MA, Fibo 0.618 looks like a proper support level. I would
Cycles of the Turkish EconomyIn the traditional Turkish calendar, there are only 2 zodiac animals. Next year seems to be bull.
XBANK IS LOOKING GOOD, LOOKING REAL GOOD. XBANK "the banking index" is the vanguard of Turkish Stock Market and there seems to be good news according to some technical analysis rules. Additionally, Inflation rate in the country seems to be at the highest or just below the highest level that the country could ever reach.- which is one of the
Well, there are good things as well as bad thingsWell, there are good things as well as bad things. Better keep an eye on the stop loss level.
XBANK Contradiction between Price and MomentumXBANK closed below 1365 (EMA250D). We need to see two more closing below 1365 to say its broken. Momentum contradicts and RSI is at oversold. What does all mean? There is still good chance that XBANK will keep above 1365. And if it does we’ll talk about trade. Keep calm.
XBANK EMA-250D @ 1365Another way to look XBANK support is EMA-250D, which is 1365. Why should that work? Because we are at month closing. Like january XBANK may be oversold for 2-3 days. Thats a possible option as well.
XBANK 1265 SupportI don’t trade XBANK anyway I cannot forget that its very strong indicator for XU030. We may talk about head and shoulders formation etc. Not the time. Question : where is the support? My answer is 1265. Now days to stay calm !!!
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