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May 11, 2023- Nearest support line of 2,486.58 is only 4.42 points away
- Price action breaks below known Fib level (2,503.8) with 2,486.77 the next target
Over the last 6 days, the Kospi Composite Index has fallen 1.32%. Yesterday's session continued the recent downtrend: after ending Tuesday at 2,496.51, the Kospi Composite Index went up to 2,513.82 only to drop back to its starting point and close at 2,491.
The Kospi Composite Index has gained 11.63% 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 10 day Simple Moving Average at 2,504.47, a possible indication of a forthcoming negative trend. After descending below strong Fibonacci support at 2,503.8, market bears have earmarked 2,486.77 as the next downside target. Analysis based on the asset volatility indicates that the Kospi Composite Index's lower Bollinger Band® is at 2,462.64, 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 although the Kospi Composite Index is pointing down today (was as low as 2,490), it's climbing away from the 2,486.58 support line and is now 4.42 points above it.
All in all, the technical analysis suggests the Kospi Composite Index has no clear-cut direction.
Positive performances can be seen by looking at other markets as Nasdaq added 1.04% and closed around 12,180 yesterday. CAC moves up 0.56% yesterday and closed at 7,361.2. S&P 500 went up by 0.45% yesterday, and closed at 4,137.64.
