Stocks: 48,000 Crucial For ISE-100

While we continue to hold a bullish medium-term outlook on the benchmark Turkish ISE-100 equity index, we are growing concerned about signals of short-term consolidation. The index has failed to breach a key resistance level at 48,000 twice over the past two months and we highlight the tentative formation of a double top on the daily chart. A technical consolidation in the near-term is likely to run at least 4%, with a bounce off of 48,000 indicative of declines to 46,000 in the first instance.

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