| 
February 22, 2023
- Nearest support line of 2,416.21 is only 1.47 points away
- Falling prices have precipitated the Kospi Composite Index's approach to its lower Bollinger Band® at 2,415.58
The Kospi Composite Index's bearish run has lasted 5 days so far (-14.87 points). Yesterday's session continued down the same path: bearish sentiment ensured the Kospi Composite Index finished yesterday's session lower. However, despite the downward bias, the Kospi Composite Index etched out a distinct 2,416 to 2,436 session range.
The Kospi Composite Index has gained 8.19% since its lowest print of 2,155.49 earlier this year.
KOSPI Composite Index made an initial break below its 21 day Simple Moving Average at 2,452, a possible indication of a forthcoming negative trend. On the other hand, note that although the Kospi Composite Index is down today and was as low as 2,416, it seems to be recovering slightly and climbing away from the 2,416.21 support line and is now 1.47 points above it. The Kospi Composite Index's lower Bollinger Band® is at 2,415.58, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Kospi Composite Index.
In the meantime, negative performances are also seen in other markets, Dow Jones falls 2.06% yesterday and closed at 33,827. S&P 500 dips 2% yesterday and closed at 4,079. After ending yesterday's session at 11,800, Nasdaq lost 300 points and is trading around 11,500.
Upcoming fundamentals: South Korea Monetary Policy Board's Policy Setting Meeting Dates is expected tomorrow at 01:00 UTC.
