Double top formation strongly hinting a bearish BIST 100
Apart from the double top formation; my observations supporting a bearish BIST 100 are:
Targets:
- Already broke the 21 and 50 day SMAs.
- Broke the upward trend for RSI.
Targets:
- 1380-1420: 100 day SMA and %78.6 Fibonacci level.
- 1280-1300: 61.8% Fibonacci level and support from the upward trend starting March 2020. This will also likely be around the 200 day SMA, too.
- 1190-1210: 50% Fibonacci level and filling the gap from November 2020.
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