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June 08, 2023- The Kospi Composite Index is eyeing the 2,603.49 support level
- The Kospi Composite Index's upper Bollinger Band® is at 2,641.46 which indicates a further downward move may follow.
While the Kospi Composite Index is in the midst of a 17 day up trend, Now turning against its recent performance, the Kospi Composite Index recovering almost all the way back to 2,615.6 today, after dipping down to 2,595.33.
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 16.96% year to date.
Trend and momentum analysis indicates that despite being in the red so far in the current trading session, KOSPI Composite Index peaked above its 3 day Simple Moving Average around 2,610.79 — typically an early indicator of a new bullish trend beginning to emerge. Analysis based on the asset volatility indicates that the Kospi Composite Index's upper Bollinger Band® is at 2,641.46 which indicates a further downward move may follow. As the day gets underway, chart analysis suggests the Kospi Composite Index could begin to recover as it approaches significant support, now 7.36 points away from 2,603.49. Dipping below could be an indication that further losses are ahead.
Overall, while the Kospi Composite Index has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 31,900, Nikkei lost 258.73 points and is trading around 31,641. ASX 200 closed at 7,099.7 (down 0.26%).
Other assets are showing positive performances as Nasdaq gained 0.45% and is currently trading at 13,163.
