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March 19, 2023
- Fibonacci resistance at 2,400 holds firm with prices retreating 4.17 points
- Market bulls strengthened by lower Bollinger Band® currently at 2,388.42
While in the midst of a 6 day downtrend, losing a total of 3.1% (94.54 points), Friday may indicate a change of direction; bullish sentiment helped the Kospi Composite Index to push 17.69 points higher, reaching session highs around 2,405.35, before consolidating until close. Ultimately, the Kospi Composite Index closed Friday at 2,395.69.
The Kospi Composite Index has gained 7.9% since its lowest print of 2,155.49 earlier this year.
KOSPI Composite Index's lower Bollinger Band® is at 2,388.42, indicating that the market is oversold and fertile for new buyers.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts the Kospi Composite Index to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the Kospi Composite Index is expected to pick up significant bullish sentiment in the coming days.
At the same time, CAC draws back 1.43% Friday and closed at 7,025.72. Dow Jones is down to 31,862, losing 384.57 points, after ending the previous session around 32,247. DAX lost 1.33% Friday and closed at 14,967.
