$TUR - Turkish equities up 62% in last 52 weeks...time for a pause

Tracking risk appetite across bipolar asset markets

FRIDAY JANUARY 25, 2013       12:47:00 GMT

Many emerging market ETF’s at present are showing extremely elevated technical readings - RSI, ADX etc - and the chart for TUR, which tracks Turkish equities is a good example. The weekly RSI value of 85 is quite exceptional as is the weekly ADX reading of 46.

Undoubtedly Turkey is one of the more promising of the emerging markets but a 62% increase in the last twelve months and a 14% rise in just the last 30 days suggests that a lot of very positive sentiment about its prospects is already discounted. In addition yesterday’s closing price is less than $2 from its all time high registered in November 2010.

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