Technical Analysis: ISE National 30 : a flag is in formation


The ISE National 30 Index comprises the thirty most important stocks listed on the Istanbul Stock Exchange. In the medium-term, the Index shows a bullish trend as evidenced by the orientation of the 200-day moving average. However, the bearish correction initiated following the entry of a new historical high at 91 250 points in November 2010 proved to be relatively deep and could therefore question the underlying dynamics. Similarly, the breaking of the 200-day moving average, which previously supported the prices, tends to adopt one to some caution about the configuration of the Index. We’re neutral in the medium-term....

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Day By Day – Indipendent Research

04042011 1


Close price 80111,66

2 months Opinion NEUTRAL
2 weeks Opinion POSITIVE

Resistances 82896 / 85980 pts
Supports 76726 / 74537 pts

Anticipation  : More recently, the decline in prices was halted once it came into contact with the support at 70 920 points; after two waves of equal bearish magnitudes (purple arrows). A V-Bottom pattern has been formed, which justifies a reversal in the short-term. The resulting reaction led to the reintegrationof the major level at 74 537 points, and the Index is now consolidating above the support at 76 726 points, forming a flag pattern. A triggering of this continuation pattern should give rise to a strong bullish dynamic.We are positive in the short- term and look for a rally towards the resistance at 85 980 points (theoretical target of the flag pattern), with an intermediate target of 82 896. We set the invalidation threshold of this positive opinion slightly below the support at 76,726 points.

Traker’s Name Leverage Expense ratio
EasyETF DJ Turkey Titans 20 (EUR) x1 0,65%
iShares MSCI Turkey x1 0,74%
Lyxor ETF Turkey x1 0,65%

* A leverage of 1 means that the ETF/Tracker has the same performance as the underlying index. A leverage of 2 indicates that the ETF/Tracker will have twice the performance of the underlying index. A leverage of -1 indicates that the ETF/Tracker will perform opposite that of the index: it will rise while the index falls, and vice versa.


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Source: ETFWorld – Day By Day – Indipendent Research



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