| 
March 06, 2023
- The Kospi Composite Index overcomes resistance at 2,451.44
- The lower Bollinger Band® is currently at 2,402.21 while the higher band is at 2,489.29
The sentiment that generated 19.22 points in cumulative gains over the past 3 days was further evident for the Kospi Composite Index. Heading in the same direction for now — the Kospi Composite Index trades at 2,462.62 after gaining 30.62 points (1.26%).
Trading mostly sideways for a month. The Kospi Composite Index has gained 8.75% since its lowest print of 2,155.49 earlier this year.
Chart analysis suggests KOSPI Composite Index broke through the 2,451.44 resistance, climbing 11.18 points above it. Trend and momentum analysis indicates that the Kospi Composite Index made an initial breakout above its 21 day Simple Moving Average at 2,447.7, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the Kospi Composite Index's upper Bollinger Band® is at 2,489.29, this is a slight indication of a slowdown.
Overall, while the Kospi Composite Index has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Fundamental indicators – South Korea CPI (YoY) (Feb) released yesterday at 23:00 UTC with a figure of 4.8, while the previous figure was 5.2.
The Kospi Composite Index shows positive signs, other assets are also on par: Nikkei is up 1.11%. ASX 200 added 0.62% to its value, now trading at 7,328.6. Having closed the previous session at 7,348, CAC is up 0.34% today to currently trade at around 7,373.21.
