From the desk of Thomas Bruni @BruniCharting
Although Turkey has already rallied 25% from the January 20th lows, the weight of evidence suggests this may be the start of a much larger move to the upside on an absolute and relative basis.
Structurally Turkey has been in a downtrend since a failed breakout near its all-time highs of 77.50 in early 2013. In August of 2015 prices broke below long-term support at 40 and have since been building a multi-month base below that level. Last week prices were able to break and close above it, while also closing above the downtrend line from the 2015 highs. [Read more…]