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June 17, 2023- Price action is gradually approaching a key resistance hurdle at 2,630.32
- Upper Bollinger Band® currently at 2,657.24
Signs of life: 6 days of level trading might be coming to an end with a gain of 0.582% today Yesterday's session shows improvement: bullish sentiment helped the Kospi Composite Index to push 17.25 points higher, reaching session highs around 2,625.79, before consolidating until close. Ultimately, the Kospi Composite Index closed yesterday at 2,625.79.
The index has been trending positively for about a month. The Kospi Composite Index has fallen back around 1.24% over the past 8 days, from a notable high of 2,641.
Despite posting gains on yesterday, KOSPI Composite Index slid below its 10 day Simple Moving Average at 2,615 during the last session — an early indicator that a negative trend could be emerging. Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,657.24, thereby suggesting that the Kospi Composite Index is becoming overvalued. The Kospi Composite Index is 4.53 points away from testing key resistance at 2,630.32. Peaking above this level could inspire market bulls and open the path to further gains.
Examining the technical analysis landscape, the Kospi Composite Index is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as ASX 200 ascends 1.06% yesterday and closed at 7,175.3. CAC is trading around 7,388.65 after ending yesterday's session at 7,291 (up 1.34% today). Notably, Hang Seng rose 1.07% yesterday and closed at 19,829.
