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March 16, 2023
- The Kospi Composite Index's nearest support level is at 1,607.
- The lower Bollinger Band® is currently at 2,384 while the higher band is at 2,475.75
A 6 day downtrend has resulted in the asset losing 92.73 points. With a marginal improvement upon yesterday's session, after ending yesterday at 2,379.72, the Kospi Composite Index traded in a 2,346 – 2,382.79 range before settling at 2,378.
This year has been a bright one for the Kospi Composite Index after trading as low as 2,155.49 and going on to appreciate by 7.9% year to date.
KOSPI Composite Index has potential of recording further declines after crossing its lower Bollinger Band® at 2,384.
Despite the market lacking direction, technical chart analysis strongly suggests the Kospi Composite Index is positioned for a downward move in the near term.
While the Kospi Composite Index was pretty flat yesterday, mixed performances were seen elsewhere as after ending yesterday's session at 7,069, ASX 200 lost 103.5 points and is trading around 6,965.5. FTSE is trading around 7,429 after ending yesterday's session at 7,344.45 (up 1.15% today). After ending yesterday's session at 19,540, Hang Seng lost 339.87 points and is trading around 19,200.
