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June 15, 2023- Price action breaks below important support level at 2,608
- The Kospi Composite Index looks below 2,611.71 (10 day Simple Moving Average) as signpost for new negative trend
The Kospi Composite Index has been losing ground for 4 days, shedding a total of 1.24% of its value. Similar trend today: struggling to find upward momentum, the Kospi Composite Index has shed 10.46 points to currently trade at 2,608.54 as it ranges between 2,602.52 and 2,634.22 so far today.
The index has been trending positively for about a month. Having set a significant high of 2,641 6 days ago, the Kospi Composite Index is trading 0.84% lower.
KOSPI Composite Index made an initial break below its 10 day Simple Moving Average at 2,611.71, a possible indication of a forthcoming negative trend. The Kospi Composite Index could begin to recover as it approaches significant support, now 0.607 points away from 2,608. 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.
Positive performances can be seen by looking at other markets as Hang Seng is up 2.17%. Having closed the previous session at 33,979, Dow Jones is up 1% today to currently trade at around 34,320. S&P 500 improves 0.66% to trade around 4,401.35.
