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June 10, 2023- Price action is gradually approaching a key resistance hurdle at 2,651
- The lower Bollinger Band® is currently at 2,460.82 while the higher band is at 2,663.76
The sentiment that generated 135.43 points in cumulative gains over the past 19 days was further evident for the Kospi Composite Index. Yesterday's session pointed in the same direction — after finishing Thursday at 2,611, the Kospi Composite Index went up to 2,644.7 before paring its losses and closing at 2,641.
The Kospi Composite Index has fallen back around 1.15% over the past a day, from a notable high of 2,641.
Chart analysis suggests KOSPI Composite Index could be slowing down soon as it approaches resistance at 2,651. Of course, crossing it might suggest further gains are ahead. Trend-following investors 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. According to momentum evaluation, the Relative Strength Index indicates the Kospi Composite Index is in an overbought condition. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,663.76, thereby suggesting that the Kospi Composite Index is becoming overvalued.
Overall, while the Kospi Composite Index has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
The Kospi Composite Index shows positive signs, other assets are also on par: Nikkei went up by 1.97% yesterday, and closed at 32,265. ASX 200 is trading around 7,122.5 after ending yesterday's session at 7,099.7 (up 0.32% today).
At the same time, FTSE is down to 7,562.36, losing 37.38 points, after ending the previous session around 7,599.74.
