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June 29, 2023- The Kospi Composite Index hasn't been as low as 2,550 in 5 weeks.
- A crossing of the lower Bollinger Band® at 2,550.78 suggests further losses may follow for the Kospi Composite Index.
The Kospi Composite Index has been losing ground for 14 days, shedding a total of 3.45% of its value. Similar trend today: struggling to find upward momentum, the Kospi Composite Index has shed 14.19 points to currently trade at 2,550 as it ranges between 2,550 and 2,577.69 so far today.
20 days ago the Kospi Composite Index reached a significant high of 2,641 but has consequently lost 2.91% since then.
KOSPI Composite Index made an initial break below its 3 day Simple Moving Average at 2,576, a possible indication of a forthcoming negative trend. The Kospi Composite Index has just crossed the lower Bollinger Band® at 2,550.78, indicating further losses could be forthcoming. In contrast, the Kospi Composite Index could begin to recover as it approaches significant support, now 2.24 points away from 2,552.26. Dipping below could be an indication that further losses are ahead.
In the short term, the Kospi Composite Index is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, Hang Seng is down to 18,934, losing 237.69 points, after closing at 19,172 in the preceding trading session.
Positive performances can be seen by looking at other markets as Dow Jones is up 0.63% to 34,066. Having closed the previous session at 7,286.32, CAC is up 0.41% today to currently trade at around 7,316.
