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XU100 BIST 100 Index Forecast and Technical Overview

After FOMC statement and FED’s u-turn on monetary policies, the money is looking for a nice place to travel.

I have tried to explain the fundamentals in my Gold report.

After FOMC statement published Wednesday, a rally was seen in global risk assets. Especially in the emerging markets’ indices. FED’s latest positions is a positive development for the emerging markets as they need the dollar liquidity due to high indebtedness in their balance sheet.

Investors are turning their attention to EM Stocks again.

BIST 100 ( Borsa Istanbul 100 Index ) is one of them.

After FOMC, we saw the index broke 100.000 psychological barriers. Now we see a profit realisation and technical correction.

The problem for BIST100 investors may occur at the end of the March. Elections for municipal administrations will be held on March 31st. Istanbul and Ankara results are very important. If the oppositions win the local elections in these two big cities, some kind of a political crisis may start. This may have a temporary bearish weight on the index.

Considering that the Turkish Central Bank (TCMB) will keep the monetary policy and the interest rates unchanged, we may focus on 113.000 and 116.000 midterm.

Technically:

As seen on the Daily Chart, Index ended the week above 100.000. After testing 106.000 critical resistance, profit taking started.

The bullish move will continue as long as the Index holds above 96.000.

Potential pullbacks towards 100.000 and 97.000 can be used as buying opportunities.

Midterm Targets: 106.000 109.1000 112.100 115.830 118.650

Note: Brasilian Stocks might be offering better opportunities. The problem is that the market is pricing in reform more or less on the government’s terms—far from a done deal. However, anything less than 1 trillion reals in pension cuts could dent investors’ confidence in Brazil. Expectations are so high that any slip up could be negative. I will publish a midterm forecast of Sao Paulo Bovespa Index.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

BIST 100: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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