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April 25, 2023- Price action honing in on likely support at 2,516.53
- Price action is currently stuck around the active Fibonacci support level of 2,531.34
Over the last 6 days, the Kospi Composite Index has fallen 2.93%. Yesterday's session continued the recent downtrend: the Kospi Composite Index dipped as low as 2,499.52 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (2,531.35) with the Kospi Composite Index closing the day at 2,500.36.
The index has been trending positively for about a month. 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 12.82% year to date.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Price action remains constrained around the key Fibonacci level of 2,531.34 currently serving as support. If price action breaks below, the next Fib hurdle is 2,517.57. In contrast, the Kospi Composite Index could begin to recover as it approaches significant support, now 16.17 points away from 2,516.53. Dipping below could be an indication that further losses are ahead.
Looking forward, the Kospi Composite Index is poised to extend its strong downtrend and continue declining.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 19,960, Hang Seng lost 259.94 points and is trading around 19,700.
Other assets are showing positive performances as Nikkei ascends 0.51% yesterday and closed at 28,600.
