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There's one upside to this year's terrible performance for most ETFs. It'll be easier to do better next year.
Turkey's economy has been on a roller coaster in 2022 and its stock market is set to finish the year with an unexpectedly strong positive print. My technical analysis framework based on the Trend Flow, Support/Resistance Location, and False Breakout Trap strategy suggests bullishness on TUR but now is not a safe time to buy.
Turkey's investment scenario has improved as the pure-play iShares MSCI Turkey ETF (TUR) added about 12% in the past month.
iShares fund tracking world-leading stock index jumps 5.7%.
Wall Street logged best week since June, last week as chances steep increases of interest rates lowered.
Turkey ETF hit a 52-week high. Can it soar higher?
Wall Street was extremely upbeat in October with the Dow Jones especially recording massive gains.
Turkey ETF gained more than 25% this year versus a decline of 9.2% in the S&P 500.
The Lira has had a longstanding decline, and a relatively dovish position by its monetary authority is not helping. While some of the TUR holdings may have offsets from a Lira decline due to selling in markets that trade with reserve currencies, it will still matter a lot.
Stocks trading in Turkey were up an impressive 37% for the year as of September 9, making them the best performing equities market relative to other global markets.