The Kospi Composite Index retreats from resistance at 2,516

• Price action retreats 14.38 points after testing resistance around 2,516
• Although higher today, the Kospi Composite Index dipped below its 21 day Simple Moving Average in early trade

While in the midst of a 10 day downtrend, losing a total of 2.89% (80.1 points), A possible reversal detected from yesterday; the Kospi Composite Index recovered from the previous trading session's losses and went up to 2,501.53 yesterday after it traded lower at 2,489.58.

The Kospi Composite Index has gained 11.89% since its lowest print of 2,155.49 earlier this year.

Despite posting gains on yesterday, KOSPI Composite Index slid below its 21 day Simple Moving Average at 2,507 during the last session — an early indicator that a negative trend could be emerging. The Kospi Composite Index reversed direction at 2,516 resistance zone and retreated back 14.38 points below it.

The Kospi Composite Index is likely to reverse course and start pointing downward in the short term.

The Kospi Composite Index shows positive signs, other assets are also on par: Nikkei climbs 1.4% yesterday and closed at 28,458. Dow Jones added 0.8% and closed around 33,826 yesterday. Notably, FTSE rose 0.5% yesterday and closed at 7,831.58.