BIST 100: Daily Decline Continues Fibonacci Correction Testing

BIST 100 closed down by 1.2%, reaching its lowest level of 2023. This decline continues testing Fibonacci corrections at the 50,000 level.

Technical Analysis: Ichimoku Cloud Turned Red The conversion and base lines of the Ichimoku Cloud have turned red for the first time since the start of 2024, signaling market resistance to short-term pressure.

Moving Averages: 50 and 200-Day Cross Nearby The 50-day moving average is approaching the 200-day moving average, potentially signaling a reversal opportunity.

Algo-Trading Signals: RSI Surpassed 30 RSI (Relative Strength Index) has crossed above 30, indicating reduced selling pressure and a possible market rebound.

For BIST 100 to successfully break through Fibonacci corrections at the 50,000 level, it must hold support. If it fails to do so, the market could face deeper declines. Investors should remain cautious and apply strict risk management to protect their positions.