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May 30, 2023- 2,585 is the Kospi Composite Index's highest rate in 5 weeks.
- Price action fails to overcome resistance at 2,566.28 after brief test; now trading 17.59 points lower
The Kospi Composite Index is on an 11 day uptrend, gaining a total of 4.38%. On-trend the Kospi Composite Index closed the session Friday with more of the same: after closing at 2,558.81 the day before, the Kospi Composite Index maintained a strong bullish bias that helped the index close higher at 2,584 Friday. However, market bears ensured the the Kospi Composite Index topped out at 2,585 and that by the end of the session, the market had marked out a distinct 2,574.82 to 2,585 range.
The Kospi Composite Index has gained 14.42% since its lowest print of 2,155.49 earlier this year.
Despite posting gains on Friday, 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 2,586, this is a slight indication of a slowdown. The Kospi Composite Index reversed direction at 2,566.28 resistance zone and retreated back 17.59 points below it.
Technical analysis suggests there could be an imminent reversal for the Kospi Composite Index.
Other markets are also showing gains as Nasdaq goes up 2.19% Friday and closed at 12,700. S&P 500 goes up 1.3% Friday and closed at 4,151.28. Dow Jones went up by 1% Friday, and closed at 33,100.
