The recent sales
pressure on the stock balanced close to the 12,80 level, which is the bottom line of bollinger band. Technically, we have
been following a new short-term upward movement starting from the beggining of
this week.
The main support
level is 12,80. Above
that level, 13,50, 13,20 and 13,00 levels can be followed as intermediate
supports.
In the case of
possible retreat as long as above the main support level of 12,80 in
particular, we think that declines would be limited, short-term upward movement
would maintain and the range of 14,20-14,50 levels would be tested
initially in the coming period. Therefore, the stock can be bought in
retracements with a stop loss of 12,80.
We need to see the
breaking of the main resistance 16,45 (short term downward trend line) for the
continuation of the possible upward-trend in the longer-term and the end of short-term
downward trend. Above this level, mid-term targets are the range of
the 15,85-16,45 levels initially and 17,35 level.
Possible upward movement towards 16,45 level can be
considered as a selling opportunity in the short-term. For the mid-term
positions, 15,85, 16,45 and 17,35 levels can be followed to sell. The
intermediate resistance is 14,20 level.
If the share price
breaks the main support level of 12,80, the short-term upward movement is
likely end and the stock could enter into a new wave of selling. Therefore, our
recommendation is to close positions below 12,80.
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