Turkey ETF (TUR) Looks Primed For Short Play

The ETF Professor has been thinking about this particular ETF for a while and wondering when it was going to start to decline. The iShares MSCI Turkey Investable Market Index (NYSE: TUR), the primary ETF tracking Turkey, has been on fire year-to-date, up nearly 88%.

Sounds good, but TUR started to pull back last week when it violated support at $50 and its 50-day moving average. TUR hasn't been able to regain its 50-day line in several days and if you watch point & figure charts, a high pole warning is discernable.

The ETF Professor has been thinking about this particular ETF for a while and wondering when it was going to start to decline. The iShares MSCI Turkey Investable Market Index (NYSE: TUR), the primary ETF tracking Turkey, has been on fire year-to-date, up nearly 88%.

Sounds good, but TUR started to pull back last week when it violated support at $50 and its 50-day moving average. TUR hasn't been able to regain its 50-day line in several days and if you watch point & figure charts, a high pole warning is discernable.

The high pole warning is given when a chart rises above a previous high by at least 3 boxes but then reverses to give back at least 50 percent of the rise, according to stock charts.

It appears this ETF may be a turkey of its own, or at least ready for short play. If you short at or just below $48 you can probably stay in with a stop of just above $50.