Market Overview for Ondo/Turkish Lira (ONDOTRY)

Summary
• Price rose from 24.30 to 26.03, forming a bullish breakout pattern with strong momentum.
• RSI reached overbought territory, indicating potential pullback risk.
• Volume surged in the last 8 hours, confirming buying pressure and accumulation.
• Price closed above key psychological level of 25.50, reinforcing short-term bullish bias.

Ondo/Turkish Lira (ONDOTRY) opened at 24.30 on 2025-11-06 at 12:00 ET, closed at 26.03 at 12:00 ET on 2025-11-07, reaching a high of 26.24 and a low of 24.01. Total volume over 24 hours was 375,284.33, and notional turnover amounted to 9,468,171.84 Turkish Lira.

Structure & Formations

Price broke out of a multi-hour bullish flag formation on the 15-minute chart after a key 15-minute bar (2025-11-06 18:00) saw a 130 basis-point surge from 24.47 to 24.70. This was followed by a consolidation phase and another sharp push above 25.50. A bullish engulfing pattern formed around 25.50 (2025-11-07 05:00–05:15), confirming the breakout. A potential support zone is now at 25.00–25.15, while key resistance is at 25.90–26.05. A doji at 26.03 (2025-11-07 06:15) may signal a temporary pause in the rally.

Moving Averages

ONDOTRY closed above both the 20-period and 50-period moving averages on the 15-minute chart, indicating a strong short-term bullish bias. Daily chart indicators show price comfortably above 50-, 100-, and 200-period moving averages, reinforcing the idea of a medium-term uptrend. The 20-period MA is currently at 25.30, suggesting that a pullback to that level could find support before further gains.

MACD & RSI

MACD turned positive and rose above the signal line in the last 6 hours, signaling growing momentum. RSI hit 78 at 26.24, indicating overbought conditions. While this suggests a potential correction, the bullish divergence between price and RSI during the consolidation phase implies that the uptrend may continue after a short pullback.

Bollinger Bands

Price has moved well above the upper Bollinger Band at 25.80, indicating high volatility and a strong breakout. The recent expansion of the bands suggests a continuation of directional movement rather than a reversal. If price dips below the upper band, traders may watch for retesting at 25.65 as a potential entry point.

Volume & Turnover

Volume spiked in the last 8 hours, with a 15-minute bar (2025-11-07 08:15) showing a 16,373.45-unit trade, confirming accumulation. Notional turnover has increased significantly, aligning with price action. No clear divergence between price and volume was observed, suggesting that the rally is supported by strong liquidity.

Fibonacci Retracements

The 61.8% retracement level of the 15-minute swing (24.01–26.24) is at 25.02, which has been a minor support zone. On the daily chart, the 50% Fibonacci level of the longer-term uptrend is at 26.00, a level that may now act as a resistance. A test of the 38.2% level at 26.50 could happen in the next 24 hours, subject to further volume confirmation.

Backtest Hypothesis

The provided backtest of the “RSI Oversold 5-Day Hold Strategy” for HOLD (Harbor Alpha Layering ETF) from 2022-01-01 to 2025-11-07 is a relevant example of applying RSI signals in a structured trading approach. While not directly applicable to ONDOTRY, the strategy highlights the potential of using RSI as a momentum oscillator to capture rebounds in overbought or oversold conditions. Given ONDOTRY’s recent RSI reading at 78, a similar strategy could consider short-term profit-taking or cautious exits, especially if price fails to hold above 25.85.