Strong day for the Kospi Composite Index fails to inspire assault on key resistance at 2,497.68; currently 7.27 points away

• 31.18 points is the Kospi Composite Index's largest daily jump in 5 weeks.
• The lower Bollinger Band® is currently at 2,382 while the higher band is at 2,502

After closing at 2,459.23 Wednesday, the Kospi Composite Index maintained a strong bullish bias that helped the index close higher at 2,490.41 Thursday. However, market bears ensured the the Kospi Composite Index topped out at 2,493 and that by the end of the session, the market had marked out a distinct 2,474 to 2,493 range.

The Kospi Composite Index has gained 11.52% since its lowest print of 2,155.49 earlier this year.

Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,502, thereby suggesting that KOSPI Composite Index is becoming overvalued. Although the Kospi Composite Index is appreciating today after rising as high as 2,493, price action is now slowing and consolidating around 7.27 points below the 2,497.68 resistance level.

Examining the technical analysis landscape, the Kospi Composite Index is likely to reverse course and start pointing downward in the short term.

Other markets are also showing gains as FTSE added 1.03% and closed around 7,663 Thursday. Notably, Nasdaq rose 0.76% Thursday and closed at 12,000. DAX went up by 0.5% Thursday, and closed at 15,600.