Market Overview for Plume/Turkish Lira (PLUMETRY) as of 2025-11-08

Summary
• PLUMETRY opened at 2.366 and traded between 2.208 and 2.434 before closing at 2.228 at 12:00 ET.
• RSI near oversold levels and declining MACD suggest a bearish momentum continuation.
• Volume surged in the late morning but dropped off in the afternoon, signaling reduced conviction.
• Price is currently testing a key support zone around 2.223–2.236.

Opening Summary

Plume/Turkish Lira (PLUMETRY) opened at 2.366 on 2025-11-08 and traded as high as 2.434 before falling to a session low of 2.208. It closed at 2.228 by 12:00 ET. Over the 24-hour period, the total volume was 8,231,660, while the notional turnover amounted to approximately 18,546,536 Turkish Lira. The price action displayed a sharp bearish reversal, with increasing bearish momentum in the latter half of the session.

Structure & Formations

The candlestick pattern from 2025-11-07 22:00 to 00:00 ET displayed a strong bearish reversal formation, marked by a series of engulfing patterns and a long lower wick. A key support zone formed between 2.223 and 2.236, with a corresponding resistance area between 2.261 and 2.274. A doji formed near 2.24 at 00:00 ET, signaling indecision and possible reversal, though it was followed by a decisive break below it.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, with the 50-period line below the 20-period, reinforcing bearish momentum. On the daily chart, the 50-period moving average crossed below the 200-period line, indicating a potential bearish shift in the longer-term trend. Price remains well below all major moving averages, suggesting a continuation of bearish sentiment.

MACD & RSI

The MACD line crossed below the signal line, confirming bearish momentum, while the histogram showed increasing negative divergence. The RSI reached an oversold level of around 28 in the late evening, suggesting potential for a short-term bounce. However, the prolonged bearish move and weak volume during the recovery attempt imply that any bounce could be short-lived.

Bollinger Bands

Price traded near the lower Bollinger Band for much of the session, especially after 22:00 ET, indicating high volatility and bearish pressure. A sharp contraction in the band width occurred just before the price dropped sharply, which is often seen as a precursor to a breakout. The current price is now well within the band’s lower range, supporting the case for further bearish movement unless a reversal occurs.

Volume & Turnover

Volume spiked significantly in the late morning and early afternoon but then declined sharply, aligning with the bearish price action. Notional turnover mirrored volume patterns, with the most significant trades occurring during the sharp selloff from 23:00 to 00:00 ET. The divergence between volume and price suggests that the selloff may be driven by larger, more forceful selling activity rather than broad-based distribution.

Fibonacci Retracements

The 61.8% Fibonacci retracement level from the recent high of 2.434 to the low of 2.208 lies around 2.249. Price has bounced off this level twice in the last 15 minutes of the session, suggesting it may hold as support. A break below 2.223 could then take the next target at 2.187 (38.2% level). The daily chart shows a 61.8% retracement at 2.26 from a larger prior move, which aligns with the 15-minute chart’s support zone.

Backtest Hypothesis

To develop a backtesting strategy, an RSI-based approach has been proposed using the 14-period RSI to identify buy (RSI < 30) and sell (RSI > 70) signals. However, the system is unable to locate the RSI data for the symbol "HOLD.P / PLUMETRY," likely due to an incorrect ticker format or an unlisted asset in the data source. To proceed, confirmation is needed on the correct trading symbol, including any exchange suffix or underlying asset name that should be used for the backtest. Once the correct ticker is provided, the RSI signals can be generated and tested from 2022-01-01 to 2025-11-08 to evaluate the strategy’s performance in capturing oversold and overbought conditions in PLUMETRY.