Chart BookChart of the day: Head and shoulders in formation

Turkey's main share index of the top 100 companies listed on the Istanbul stock exchange has struggled under the 84,000-point level. September saw the index drop sharply from trend line resistance and currently sitting on the neckline of a potential head and shoulders top. This classic chart pattern needs a weekly close below the neck to complete the formation, which would target an initial drop to the 200-day moving average at 73,242 points and then the measured target at 68,775 points. Tensions in Syria are obviously contributing.