The iShares MSCI Turkey ETF (NYSEArca: TUR) jumped 4.6% during Tuesday’s after-hours session, an uncommon after-hours move for any ETF, after the Turkish central bank raised its overnight lending rate to 12% from 7.75% and more than doubled the overnight borrowing rate to 8% to 3.5%.

Eschewing the 1,000 paper cuts rate-hiking methodology used by central banks in fellow Fragile Five nations Brazil and India, the Turkish central bank is apparently saying “go big or go home” in swinging for the fences with its rate increase announcement. [Central Bank Saves Turkey ETF]

Wednesday and the days after will tell just how enthused investors are about Turkey’s higher rates and the impact of those rate increases on TUR, but heading into the start of trading today, it is not a stretch to say TUR could make a near-term run to the $45-$46 area. That range was violated just last week.

The good news is the charts say TUR is at an important support zone, indicating a bounce could be afoot.

“TUR as declined 50% in the past year. The decline took it to support and has created a bullish falling wedge. This hard hit Emerging markets ready to rally? Many Emerging markets are on support!,” said Chris Kimble of Kimble Charting Solutions.