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June 22, 2023- The Kospi Composite Index could slow down as it approaches resistance at 2,596
The Kospi Composite Index has been losing ground for 9 days Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. The Kospi Composite Index got off to a strong start by gaining 11.07 points (+0.43%), only to run out of steam later in the session around 2,597.76. Currently, the Kospi Composite Index is trading around the 2,593.7 level.
The index has been trending positively for about a month. The Kospi Composite Index has fallen back around 2.22% from the significant high of 2,641 set 13 days ago.
Analysis of the Kospi Composite Index's recent price action suggests KOSPI Composite Index could be slowing down soon; it is getting close to the resistance line and is now at 2,596, only 2.19 points away. Crossing the resistance line could, however, suggest that further gains are ahead.
Meanwhile, ASX 200 closed at 7,195.5 (down 1.63%). Hang Seng closed at 19,218 (down 1.98%). After ending yesterday's session at 7,559.18, FTSE lost 67.39 points and is trading around 7,491.79.
