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May 09, 2023
- The Kospi Composite Index breaks 10.11 points below established support around 2,516
- Price action is currently stuck around the active Fibonacci support level of 2,517.57
After a 7 day of trading sideways Yesterday's session suggests a further slow down: after ending Friday at 2,513.21, the Kospi Composite Index fell to 2,505.78. Overall, a 0.3% move or 7.43 points yesterday.
The Kospi Composite Index has gained 12.79% since its lowest print of 2,155.49 earlier this year.
Despite being in the red so far in the current trading session, KOSPI Composite Index peaked above its 21 day Simple Moving Average around 2,522.76 — typically an early indicator of a new bullish trend beginning to emerge. On the other hand, note that the Kospi Composite Index could begin to recover as it approaches significant support, now 10.11 points away from 2,516. Dipping below could be an indication that further losses are ahead. Price action remains constrained around the key Fibonacci level of 2,517.57 currently serving as support. If price action breaks below, the next Fib hurdle is 2,503.8.
Despite suffering losses in today's session, technical analysis is indicating that the Kospi Composite Index will undergo a significant bounce in the immediate term.
In the meantime, negative performances are also seen in other markets, ASX 200 lost 0.28% yesterday and closed at 7,276.5.
Other assets are showing positive performances as FTSE is trading around 7,778.38 after ending yesterday's session at 7,702.64 (up 0.98% today). Nikkei moves up 0.81% yesterday and closed at 28,950.
