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July 01, 2023- Price action is gradually approaching a key resistance hurdle at 2,576.3
- Known Fib levels include 2,558.29 and 2,578
While in the midst of a 16 day downtrend, losing a total of 2.91% (91.14 points), Yesterday may indicate a change of direction; the Kospi Composite Index went up to 2,564.28 yesterday, gaining 0.56%.
Approximately 22 days ago, the Kospi Composite Index reached a significant high of 2,641 but has struggled to hold onto its gains and declined 3.45% since then.
KOSPI Composite Index made an initial breakout above its 50 day Simple Moving Average at 2,556.52, a potential indicator of a newly emerging bullish phase. Price action remains constrained around the key Fibonacci level of 2,558.29 currently serving as resistance. If broken, the next Fib hurdle is expected to be 2,578. The Kospi Composite Index's lower Bollinger Band® is at 2,545.63, indicating that the market is oversold and fertile for new buyers. In contrast, the Kospi Composite Index could be slowing down soon as it approaches resistance at 2,576.3. Of course, crossing it might suggest further gains are ahead.
The Kospi Composite Index continues to move higher with technical analysis indicating the trend will continue in the short term.
The Kospi Composite Index shows positive signs, other assets are also on par: CAC is trading around 7,400 after ending yesterday's session at 7,312.73 (up 1.19% today). FTSE goes up 0.8% yesterday and closed at 7,471.69. S&P 500 rises 1.23% yesterday and closed at 4,396.44.
