Key support level at 2,412.4 looms for downtrending the Kospi Composite Index; currently 11.21 points away

• Price action honing in on likely support at 2,412.4
• Falling prices have precipitated the Kospi Composite Index's approach to its lower Bollinger Band® at 2,406

Having fallen 34.74 points in 8 days, 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 2,421.47 to 2,453 session range.

The Kospi Composite Index has gained 8.31% since its lowest print of 2,155.49 earlier this year.

With regards to technical trend indicators, chart analysis show that KOSPI Composite Index made an initial break below its 200 day Simple Moving Average at 2,424.8, a possible indication of a forthcoming negative trend. Asset volatility analysis shows that the Kospi Composite Index's lower Bollinger Band® is at 2,406, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Visual analysis of the Kospi Composite Index's chart shows that the Kospi Composite Index could begin to recover as it approaches significant support, now 11.21 points away from 2,412.4. Dipping below could be an indication that further losses are ahead.

With market volatility ebbing, the current technical outlook indicates the Kospi Composite Index will remain range-bound for the immediate future.

In the meantime, negative performances are also seen in other markets, CAC is down to 7,187.27, losing 130.16 points, after ending the previous session around 7,317.43. DAX is down to 15,200, losing 275.69 points, after ending the previous session around 15,476. EuroSTOXX lost 1.86% yesterday and closed at 4,258.