BIST 100 Index Forecast
Stronger technical forecast for BIST 100 index price after Tuesday trading.
(Updated on Apr 30, 2024)
The BIST 100 index price fell by -0.367% on the last day (Tuesday, 30th Apr 2024) from 10,082.77 points to 10,045.74 points. During the last trading day the index fluctuated 0.96% from a day low at 10,036.81 points to a day high of 10,132.88 points. The price has fallen in 6 of the last 10 days but is still up by 3.78% over the past 2 weeks. Volume fell on the last day along with the index, which is actually a good sign as volume should follow the index. On the last day, the trading volume fell by -128 million shares and in total, 3 billion shares were bought and sold for approximately 27.35 points trillion.
The index lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at 10,096.14 points will firstly indicate a stronger rate of rising. Given the current short-term trend, the index is expected to rise 8.63% during the next 3 months and, with a 90% probability hold a price between 9,857.33 points and 10,967.56 points at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
XU100.IS Signals & Forecast
The BIST 100 index holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at 9,831.64 points and 9,294.89 points. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -0.367%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for BIST 100 index
On the downside, the index finds support just below today's level from accumulated volume at 9,250.36 points and 9,196.41 points. There is a natural risk involved when a index is testing a support level, since if this is broken, the index then may fall to the next support level. In this case, BIST 100 finds support just below today's level at 9,250.36 points. If this is broken, then the next support from accumulated volume will be at 9,196.41 points and 8,994.00 points.
This index has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the index moved 96.07 points between high and low, or 0.96%. For the last week, the index has had daily average volatility of 1.44%.
Our recommended stop-loss: 9,684.14 points (-3.60%) (This index has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (XU100.IS) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect BIST 100 to open at 10,071.81 points, and during the day (based on 14 day Average True Range), to move between 9,858.57 points and 10,232.91 points, which gives a possible trading interval of +/-187.17 points (+/-1.86%) up or down from last closing price. If BIST 100 takes out the full calculated possible swing range there will be an estimated 3.73% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at 10,082.77 points (0.37%) than the support at 9,250.36 points (7.92%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is BIST 100 index A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for BIST 100 index to perform well in the short-term. We have upgraded our analysis conclusion for this index since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.913 Buy Candidate Upgraded
Predicted Opening Price for BIST 100 of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| 10,071.81 points ( 0.260%) | 10,045.74 points |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for XU100.IS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 10,167.88 | 1.22 % | |
| R2 | 10,131.18 | 0.85 % | ||
| R1 | 10,108.51 | 0.625 % | ||
| Current price: | 10,045.74 | |||
| Support | S1 | 10,035.11 | -0.106 % | |
| S2 | 10,012.44 | -0.332 % | ||
| S3 | 9,975.74 | -0.697 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 10,082.77 | 0.369 % | ||
| Current price | 10,045.74 | |||
| Support | S1 | 9,250.36 | -7.92% | |
| S2 | 9,196.41 | -8.45% | ||
| S3 | 8,994.00 | -10.47% |
FAQ
Click here for our free guide on how to buy BIST 100 Index.
