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Daily Bulletin

Tacirler Investment

Good morning, following positive closures in the US and Europe, buying sentiment generally continues in Asia this morning. However, US futures are slightly in the negative territory, indicating a loss of momentum. In Borsa Istanbul, the gains seen on Monday, driven by optimism surrounding Syria, were fully erased during the Tuesday and Wednesday sessions. Today, we may observe an effort to maintain the BIST 100 index above the 10,000 level, with 9,850 being the next support level to watch. The flag formation we had been monitoring with a 10,500 target is now invalid, following the index’s failure to sustain above 10,250 for two consecutive days. Going forward, the technical formation to follow is the upward trend channel that began around 8,600 on November 6, resulting in a 17% rise over the course of a month. This channel has a daily slope of 40 points, with its main support currently around 9,700. Resistance levels to watch are 10,170 and 10,280. On today’s agenda, the focus will be on the current account balance domestically, the ECB’s interest rate decision in Europe, and PPI data in the US. Turkey’s 5-year CDS premiums start the day at 246 basis points. Should the decline below 250 basis points continue, we expect this to support the XBANK Banking Index.

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