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 expect the move to be on the uptrend side as long as 3358 support...
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 best finanical indicator for XBANK according to my past...
XBANK 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.
Another 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.
I 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 !!!
