From a technical view, the iShares MSCI Turkey ETF (TUR) has opened an important bearish gap on June 3rd which maintains downward pressure. Regarding technical indicators, the daily RSI has broken below a key support area while both the 20-day and the 50-day moving average are turning down providing another argument for a drop in coming days.
On a relative basis against the IVV, S&P500, the iShares MSCI Turkey Investable Market Index Fund has pushed below the lower boundary of a rising wedge pattern and looks set for further decline.
Trading strategy: Short Sell @ $59.31 - Stop loss @ $63 - Target @ $45.75.