Bullish momentum leaves the Kospi Composite Index flirting with resistance at 2,495

• Price action oscillating around key resistance at 2,495

During an 8 day fall, dropping a total of 3.11%, (91.08 points), Yesterday may indicate a change of direction; after closing at 2,484.83 Tuesday, the Kospi Composite Index maintained a strong bullish bias that helped the index close higher at 2,495.81 yesterday. However, market bears ensured the the Kospi Composite Index topped out at 2,499 and that by the end of the session, the market had marked out a distinct 2,465.83 to 2,499 range.

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 11.11% year to date.

The Kospi Composite Index chart analysis: KOSPI Composite Index could be slowing down soon; it is getting close to the resistance line and is now at 2,495, only 0.677 points away. Crossing the resistance line could, however, suggest that further gains are ahead.

Meanwhile, Dow Jones draws back 0.68% yesterday and closed at 33,531. ASX 200 is down to 7,292.7, losing 23.6 points, after ending the previous session around 7,316.3. S&P 500 decreases 0.38% yesterday and closed at 4,071.63.