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April 22, 2023
- Next support is currently 13.07 points away at 2,531.33
- Although down today, the Kospi Composite Index rose above its 10 day Simple Moving Average around earlier in the session
The Kospi Composite Index's downtrend has seen it decline 1.22% in 5 days Yesterday's session continued down the same path: overall, the Kospi Composite Index shed around 18.6 points or 0.73% and ended yesterday's session at 2,544.4.
The index has been trending positively for about a month. 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 13.66% year to date.
KOSPI Composite Index could begin to recover as it approaches significant support, now 13.07 points away from 2,531.33. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Kospi Composite Index peaked above its 10 day Simple Moving Average around 2,543.63 — typically an early indicator of a new bullish trend beginning to emerge.
Technical analysis indicates that the Kospi Composite Index (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Hang Seng lost 1.57% yesterday and closed at 20,400. After ending yesterday's session at 7,362.2, ASX 200 lost 31.8 points and is trading around 7,330.4.
Other assets are showing positive performances as CAC is trading around 7,577 after ending yesterday's session at 7,538.71 (up 0.51% today).
