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March 09, 2023
- The Kospi Composite Index is eyeing the 2,424.75 support level
- Lower Bollinger Band® at around 2,399
Having fallen 40.54 points in 3 days, Yesterday's session continued down the same path: slightly down but mostly flat: the Kospi Composite Index ranged between 2,416.25 and 2,444.2 before closing at 2,419.
The Kospi Composite Index has managed to gain 8.74% so far this year despite trading at lows around 2,155.49 previously.
Technical chart analysis shows KOSPI Composite Index could begin to recover as it approaches significant support, now 5.66 points away from 2,424.75. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Kospi Composite Index made an initial break below its 10 day Simple Moving Average at 2,429.59, a possible indication of a forthcoming negative trend. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at 2,399, a low enough level to, generally, suggest that the Kospi Composite Index is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates the Kospi Composite Index will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 7,930, FTSE lost 64.68 points and is trading around 7,865.32. After ending yesterday's session at 20,051, Hang Seng lost 125.51 points and is trading around 19,926.
Other assets are showing positive performances as Nikkei increases 0.63% yesterday and closed at 28,444.
