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June 06, 2023- The Kospi Composite Index hasn't traded above 2,618.62 for 12 months.
- Upper Bollinger Band® currently at 2,633.24
The sentiment that generated 125.94 points in cumulative gains over the past 16 days was further evident for the Kospi Composite Index. On-trend the Kospi Composite Index closed the session yesterday with more of the same: the Kospi Composite Index went up to 2,615.41 yesterday, gaining 0.54%.
The Kospi Composite Index has gained 17.11% since its lowest print of 2,155.49 earlier this year.
Technical chart analysis shows KOSPI Composite Index could be slowing down soon as it approaches resistance at 2,620.22. Of course, crossing it might suggest further gains are ahead. Trend-focused traders would be interested to note that investors are seeking long positions as the Kospi Composite Index price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Momentum evaluation shows that according to technical analysis of the Kospi Composite Index's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,633.24, thereby suggesting that the Kospi Composite Index is becoming overvalued.
Notwithstanding the Kospi Composite Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
The Kospi Composite Index shows positive signs, other assets are also on par: Nikkei added 0.88% and closed around 32,217 yesterday.
Meanwhile, ASX 200 lost 0.99% yesterday and closed at 7,216.3. CAC descends 0.96% yesterday and closed at 7,270.69.
