Double top formation strongly hinting a bearish BIST 100

25 Şub 2021

Apart from the double top formation; my observations supporting a bearish BIST 100 are:

• 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.