BIST Banks IndexLong
XBANK Up or Down?
I follow these Fibo levels with 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 is not broken. If both levels are broken, it will be better to wait for a new bottom pattern instead of guessing where it is going to bounce back.
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 is not broken. If both levels are broken, it will be better to wait for a new bottom pattern instead of guessing where it is going to bounce back.
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