The fundamental news flow is supportive: Q1 2026 net profit reached 64.0 mn TL, above the prior period, so the earnings narrative remains intact. However, price did not confirm that strength; the drop from the 11 May peak at 9.99 to 8.90 over two sessions suggests post-news distribution. The key signal sits in the order book: a heavy sell stack at 9.15 with 84k lots and additional supply at 9.06, while bids cluster around 9.00 and 8.96, creating a narrow but supply-weighted range. The sharp late-session move on 12 May from 9.07 to 8.98 on a volume spike indicates aggressive selling rather than passive drift. Today’s intraday tape stayed pinned around 8.87–8.90 with weaker turnover than yesterday, showing that the shock has not yet produced a new directional impulse. On the weekly chart, the recent candles still show upper-wick/negative-close behavior, implying overhead supply near 9.4–10.0 has not been absorbed. The dominant signal is therefore not the positive earnings release, but short-term supply overpowering demand after the news. Momentum is fading, and the market is spending energy in a compressed, fragile balance.