Tuesday , 21 May 2024
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Global Economy

Are we heading to a new high in the stock market?

Especially abroad, the negative news has been pushed aside and the good news continues to be bought. On the other hand, it is clear from the daily changing picture that there is also uneasiness in the market. However, the market prefers to stay on this front, as there is no alternative to the return on the stock market.

Our situation is fine. However, we have reached the limit of 120,000. An interim correction may come from this level. The most important issue to remember is that the rising trend that has been going on since March 23 is still continuing. This trend is crossing the level of 114 thousand 600. Established trends above this level keep us strong. In addition, the 22-day average of 115 thousand 600 is also a strong support. In other words, if the settled movements above the 115 thousand 600 level continue in the first stage, the 120 thousand level may be forced upwards. If this level is exceeded and it is inhabited, we can go to the peak at 124 thousand 500.

Another issue that should not be forgotten is that it is difficult to exceed the peak levels. Therefore, if the strong upward movement continues, the area between 120.000-124.500 should be our watch spot. It is useful not to be in a hurry in this region to make new purchases or to be 100% stock.

Developments abroad and risk appetite continue to be decisive for us. Therefore, it will be useful to monitor the US indices and the weather outside.

This week, we are seeing upward reactions in the banking index. There seems to be a structure that wants to stand strong. However, the technical points of the banking index are quite critical and do not yet provide complete confidence. It is possible to talk about an environment where the banking index remains cheap, but for now, it would be useful to stay on track.

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