Hello Everyone
First of all, all of my analysis are for educational/study purposes only and should not be taken as an investment advice.
On monthly chart. The index tested 132.53 level several times, validated this area as a range low and pivot area and formed a demand zone over the years. After the last formed demand area, buyers pushed the price and reclaimed first S/R Flip area. Then price continued to it's uptrend and pushed through the supply area and left a long wick along with a body inside the supply area and retraced due to U.S Dollar gaining more value against TRY or vice versa. If the price manages to hold above the S1 line. Buyers will give one more try to break the supply area and the price will target the dashed line above 250. If buyers managed to reclaim the supply area and turn it into a demand area. This will be a serious bullish indication for BIST. However, if the prices loses S1 level and continues to it's downtrend demand zone should give some buying reaction. If 132.53 level gets lost. It would be a serious bearish indication for traders and investors.
First of all, all of my analysis are for educational/study purposes only and should not be taken as an investment advice.
On monthly chart. The index tested 132.53 level several times, validated this area as a range low and pivot area and formed a demand zone over the years. After the last formed demand area, buyers pushed the price and reclaimed first S/R Flip area. Then price continued to it's uptrend and pushed through the supply area and left a long wick along with a body inside the supply area and retraced due to U.S Dollar gaining more value against TRY or vice versa. If the price manages to hold above the S1 line. Buyers will give one more try to break the supply area and the price will target the dashed line above 250. If buyers managed to reclaim the supply area and turn it into a demand area. This will be a serious bullish indication for BIST. However, if the prices loses S1 level and continues to it's downtrend demand zone should give some buying reaction. If 132.53 level gets lost. It would be a serious bearish indication for traders and investors.