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March 04, 2023
- Price action is gradually approaching a key resistance hurdle at 2,441.75
- Despite adding 4 points today, the Kospi Composite Index ventured below 2,432 (10 day Simple Moving Average) in earlier trade
During a 12 day fall, dropping a total of 1.69%, (46 points), A possible reversal detected from yesterday; the Kospi Composite Index went up to 2,432 yesterday, gaining 0.17%.
Trading mostly sideways for 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 8.77% year to date.
With regards to technical trend indicators, chart analysis show that despite posting gains on yesterday, KOSPI Composite Index slid below its 10 day Simple Moving Average at 2,432 during the last session — an early indicator that a negative trend could be emerging. Asset volatility analysis shows that the Kospi Composite Index's lower Bollinger Band® is at 2,401, indicating that the market is oversold and fertile for new buyers. Chart analysis indicates the Kospi Composite Index could be slowing down soon as it approaches resistance at 2,441.75. Of course, crossing it might suggest further gains are ahead.
Overall, the technical outlook suggests the Kospi Composite Index is likely to remain muted for the immediate future, with no clear-cut direction.
The Kospi Composite Index shows positive signs, other assets are also on par: S&P 500 added 1.61% and closed around 3,981.35 yesterday. Nikkei is trading around 27,927 after ending yesterday's session at 27,500 (up 1.56% today). Notably, Nasdaq rose 1.97% yesterday and closed at 11,463.
Upcoming fundamentals: South Korea CPI (YoY) (Feb) is scheduled for tomorrow at 23:00 UTC.
