British News Agency

The BIST-100 index has displayed resilience in the face of overseas weakness since last week, continuing its momentum towards the previous peak of 8400 points. However, the fragility in global markets is making it difficult to gain further momentum and is starting to cause a loss of steam. Moving away from the technically significant level of 8400 could cloud the short-term outlook. Therefore, we are closely monitoring how the index deals with this resistance level. Internationally, risk appetite is being dampened both by mixed macroeconomic data and high bond yields in the US, coupled with the risk of a federal government shutdown. Finally, the warning from credit rating agency Moody's about the potential impact of a government shutdown on the country's credit rating clearly underscores the point at which risks stand.

Turkish Lira: The USD/TL exchange rate continues its slight upward trend and has firmly settled above 27.20. However, it is challenging to say that the depreciation is unique to the Turkish Lira. In fact, looking at the performance since the beginning of the month, the loss in the Lira is close to the average of emerging market currencies. Particularly, the strong performance of US bond yields leaves little room for emerging market currencies. In the coming week, the most important expectation regarding the Turkish Lira revolves around S&P's expected update of Turkey's credit rating and outlook.

Borsa Istanbul: The BIST-100 index, which started the day on an optimistic note following a 3.3% rise on Monday, aimed for the previous high of 8400 points after the opening. However, due to the extremely fragile state of international markets, the index failed to gain further momentum and ended the day in the red. Although the short-term technical picture continues to send positive signals, the index's performance in the rest of the week will be crucial in determining whether it can surpass the 8400-point mark or not. Crossing 8400 could contribute to gaining more strength, while moving away from this level could lead the index to face profit-taking in a period when international markets are also weak.

BIST-30 Near-Term VIX Futures Contract:

Ending the day at 8864.25 points, support levels can be observed at 8803, 8732, 8670, and 8599. Resistance levels are formed at 8927, 8998, 9060, and 9131.

USD/TL Near-Term VIX Futures Contract:

Ending the day at 27.371, support levels can be observed at 27.1795, 26.9605, 26.769, and 26.55. Resistance levels are at 27.5625, 27.7815, 27.973, and 28.192.

Source: ÜnlüCo