| 
April 15, 2023
- Price action backs away from resistance at 2,582 despite bullish mood
- The lower Bollinger Band® is currently at 2,360.38 while the higher band is at 2,583
The Kospi Composite Index is on a 6 day bullish run gaining 102.43 points (4.56%). Yesterday's session pointed in the same direction — with a daily low of 2,560.53, the Kospi Composite Index closed yesterday at 2,571.49, after ending Thursday at 2,561.66 and gaining 9.83 points (0.38%).
The index has been trending positively for about a month. This year has been a bright one for the Kospi Composite Index after trading as low as 2,155.49 and going on to appreciate by 15.05% year to date.
Although KOSPI Composite Index is appreciating today after rising as high as 2,581.74, price action is now slowing and consolidating around 10.49 points below the 2,582 resistance level. Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,583, thereby suggesting that the Kospi Composite Index is becoming overvalued.
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.
Other markets are also showing gains as Nikkei went up by 1.2% yesterday, and closed at 28,500. ASX 200 moves up 0.51% yesterday and closed at 7,324. FTSE is trading around 7,872 after ending yesterday's session at 7,843.38 (up 0.36% today).
