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May 16, 2023- The Kospi Composite Index overcomes resistance at 2,473.29
- Market bulls strengthened by lower Bollinger Band® currently at 2,448
While the Kospi Composite Index was in the midst of a 9 day downtrend— in which it lost a total of 1.5%— A possible change of direction spotted from yesterday; the Kospi Composite Index went up to 2,486.41 yesterday after ending Friday at 2,479.35. Overall, a 0.28% move or 7.06 points.
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 10.2% year to date.
KOSPI Composite Index broke through the 2,473.29 resistance, climbing 13.12 points above it. The Kospi Composite Index's lower Bollinger Band® is at 2,448, indicating that the market is oversold and fertile for new buyers.
Examining the technical analysis landscape, the Kospi Composite Index might continue its downtrend in the short term.
The Kospi Composite Index shows positive signs, other assets are also on par: Nikkei is trading around 29,829 after ending yesterday's session at 29,626 (up 0.68% today). FTSE added 0.3% and closed around 7,754.62 yesterday. Nasdaq is trading around 12,365 after ending yesterday's session at 12,300 (up 0.66% today).
