Istanbul Stock Exchange Plummets in First Half of the Day

The news reports a sharp decline in Borsa Istanbul; this does not have a direct impact on US stocks like GOOGL. GOOGL's technical indicators are positive: the price is above the SMA20 and SMA50, the RSI is 58, not in overbought territory, and the 24-hour change is 4%. However, the MACD is below the signal line, indicating weakening momentum in the short term. The impact of the news on GOOGL is likely to be neutral; the main determinants will be US markets and company-specific developments. Therefore, the direction is uncertain, and confidence is low.

The XU100 index fell 5.1% in the last 24 hours to 13,183.84, with RSI14 at 12, in oversold territory. MACD is negative and below the signal line, trading well below SMA20 and SMA50; this indicates a strong short-term downtrend. The sharp decline in the news headline confirms the current negative momentum. However, the RSI being at an oversold level increases the possibility of a technical rebound. Nevertheless, since the overall outlook is weak, downside risk may continue in the 1-3 day horizon.