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April 20, 2023- The Kospi Composite Index is eyeing 2,568.32 as its nearest support level
- The Kospi Composite Index looks below 2,572.83 (3 day Simple Moving Average) as signpost for new negative trend
Though in the midst of a 9 day uptrend, gaining a total of 4.22%, (115.85 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Bearish sentiment ensured the Kospi Composite Index finished yesterday's session lower. However, despite the downward bias, the Kospi Composite Index etched out a distinct 2,552 to 2,574 session range.
The index has been trending positively for about a month. The Kospi Composite Index has gained 15.14% since its lowest print of 2,155.49 earlier this year.
KOSPI Composite Index made an initial break below its 3 day Simple Moving Average at 2,572.83, a possible indication of a forthcoming negative trend. In contrast, the Kospi Composite Index could begin to recover as it approaches significant support, now 5.21 points away from 2,568.32. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the Kospi Composite Index to extend its recent losses.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 15,900, DAX lost 100 points and is trading around 15,800. CAC slumps 0.35% yesterday and closed at 7,549.44. Dow Jones is down to 33,900, losing 76.63 points, after ending the previous session around 33,977.
