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June 27, 2023- Prices have climbed 13.39 points away from the nearest support level at 2,568
- The lower Bollinger Band® is currently at 2,560.16 while the higher band is at 2,646
The Kospi Composite Index has been losing ground for 12 days, shedding a total of 2.26% of its value. A slight improvement can be seen from yesterday's session: the Kospi Composite Index recovered back to 2,581.39 after dipping down to 2,568.52, in a session that followed Friday's 2,582.2 close value.
Over the past 18 days, the Kospi Composite Index has retreated 2.23% from a noteworthy peak of 2,641.
KOSPI Composite Index made an initial breakout above its 3 day Simple Moving Average at 2,582, a potential indicator of a newly emerging bullish phase. The Kospi Composite Index's upper Bollinger Band® is at 2,646 and the lower is 2,560.16. The Kospi Composite Index is climbing away and is now 13.39 points from the 2,568 support line.
Despite muted price action in the Kospi Composite Index, chart analysis indicates it is positioned for a bullish run in the short term.
While the Kospi Composite Index was pretty flat yesterday, mixed performances were seen elsewhere as Hang Seng goes up 2.05% yesterday and closed at 18,800. Notably, ASX 200 rose 0.56% yesterday and closed at 7,078.7. Nasdaq is down to 13,336, losing 164.22 points, after ending the previous session around 13,500.
