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April 06, 2023
- 36 points is the Kospi Composite Index's largest single-day drop in 4 weeks and a half.
- Nearest support line of 2,483.38 is only 24.15 points away
The Kospi Composite Index dipped as low as 2,458.5 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (2,488) with the Kospi Composite Index closing the day at 2,459.23.
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 11.57% year to date.
KOSPI Composite Index's upper Bollinger Band® is at 2,490 which indicates a further downward move may follow. On the other hand, note that the Kospi Composite Index could begin to recover as it approaches significant support, now 24.15 points away from 2,483.38. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the Kospi Composite Index to extend its recent losses.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 27,800, Nikkei lost 327.37 points and is trading around 27,473. Nasdaq withdraws 1.07% yesterday and closed at 12,126.
Positive performances can be seen by looking at other markets as FTSE is trading around 7,700 after ending yesterday's session at 7,663 (up 0.48% today).
