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May 27, 2023- Upward momentum including 0.16% gain insufficient to breach pivotal resistance level at 2,566.28
- The lower Bollinger Band® is currently at 2,457.83 while the higher band is at 2,580.8
The sentiment that generated 79.27 points in cumulative gains over the past 11 days was further evident for the Kospi Composite Index. The Kospi Composite Index pointed in the same direction yesterday: after ending Thursday at 2,554.69, the Kospi Composite Index went up to 2,567.5 only to drop back, yet still traded well overall and closed at 2,558.81 yesterday.
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 14.44% year to date.
KOSPI Composite Index reversed direction at 2,566.28 resistance zone and retreated back 7.47 points below it. Despite posting gains on yesterday, the Kospi Composite Index slid below its 5 day Simple Moving Average at 2,557 during the last session — an early indicator that a negative trend could be emerging. The Kospi Composite Index's upper Bollinger Band® is at 2,580.8, this is a slight indication of a slowdown.
Technical analysis of the Kospi Composite Index price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as Nasdaq moves up 2.19% yesterday and closed at 12,700. S&P 500 is trading around 4,205.45 after ending yesterday's session at 4,151.28 (up 1.3% today).
At the same time, Hang Seng is down to 18,747, losing 353.08 points, after ending the previous session around 19,100.
