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May 13, 2023- The Kospi Composite Index is eyeing 2,469.46 as its nearest support level
- Lower Bollinger Band® at around 2,451
The Kospi Composite Index's bearish run has lasted 8 days so far (-33.39 points). Yesterday's session continued the recent downtrend: the Kospi Composite Index retained its composure around the 2,475.42 level after dropping 0.63%.
The Kospi Composite Index has gained 10.61% since its lowest print of 2,155.49 earlier this year.
KOSPI Composite Index could begin to recover as it approaches significant support, now 5.96 points away from 2,469.46. 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 50 day Simple Moving Average around 2,480.72 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at 2,451, a low enough level to, generally, suggest that the Kospi Composite Index is trading below its fair value.
Technical analysis shows that the Kospi Composite Index (currently on a downtrend) might reverse course and start going up in the short term.
In the meantime, negative performances are also seen in other markets, Hang Seng stumbles 0.59% yesterday and closed at 19,744.
Positive performances can be seen by looking at other markets as Nikkei is trading around 29,400 after ending yesterday's session at 29,127 (up 0.9% today). FTSE added 0.31% and closed around 7,730.58 yesterday.
