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April 13, 2023
- 2,561.66 is the Kospi Composite Index's highest rate in 8 months.
- Upper Bollinger Band® currently at 2,548.69
The sentiment that generated 91.41 points in cumulative gains over the past 4 days was further evident for the Kospi Composite Index. Yesterday continued on the same track for the Kospi Composite Index — after closing at 2,550.64 the day before, the Kospi Composite Index maintained a strong bullish bias that helped the index close higher at 2,561.66 yesterday. However, market bears ensured the the Kospi Composite Index topped out at 2,561.66 and that by the end of the session, the market had marked out a distinct 2,531 to 2,561.66 range.
The index has been trending positively for about a month. The Kospi Composite Index has managed to gain 14.05% so far this year despite trading at lows around 2,155.49 previously.
Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,548.69, thereby suggesting that KOSPI Composite Index is becoming overvalued. Although the Kospi Composite Index is appreciating today after rising as high as 2,561.66, price action is now slowing and consolidating around 0.84 points below the 2,562.5 resistance level.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the Kospi Composite Index is set for a reversal in the coming days.
The Kospi Composite Index shows positive signs, other assets are also on par: CAC went up by 0.98% yesterday, and closed at 7,469.
At the same time, Nasdaq lost 0.85% yesterday and closed at 12,032. S&P 500 slumps 0.41% yesterday and closed at 4,109.
