Technical Analysis: ISE National 30: rebound off the major support


The ISE National 30 index includes the thirty most important stocks traded on the Istanbul Stock Exchange. It had a bearish dynamic driven by the 100-day moving average. It was stopped by the major support at 58,450 points which  ....

Day By Day – Indipendent Research

…should contain prices for the coming weeks. So we are therefore neutral in the medium-term.



Anticipation  :
In the shorter-term, the test of the major resistance at 76,210 points has provoked a violent decline in prices towards the major support at 58,450 points. The contact with the solid support, already the origin of a powerful bullish recovery in August this year, should result in a strong technical rebound.
Therefore,we are short-term positive, and envision a pullback towards the resistance at 65,653 points (a 38% retracement of the last bearish leg). We set the invalidation threshold for of this positive scenario slightly below the major support at 58,450 points.

Close price 62262.95

2 months Opinion NEUTRAL
2 weeks Opinion POSITIVE

Resistances 62350 / 65653 pts
Supports 58450 / 54300 pts

Follow-up Analysys: We have no current positions


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Source: ETFWorld – Day By Day – Indipendent Research



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