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July 04, 2023- Next support is currently 8.08 points away at 2,585.23
- The Kospi Composite Index explored above its 21 day Simple Moving Average around 2,599, a potential early indicator of a new bullish phase to come
Though in the midst of a 3 day uptrend, gaining a total of 1.7%, (52.45 points), Yesterday's session suggests run might be coming to an end — the Kospi Composite Index dipped as low as 2,592 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (2,604.72) with the Kospi Composite Index closing the day at 2,593.31.
The Kospi Composite Index has appreciated 17.15% over the past six months.
KOSPI Composite Index could begin to recover as it approaches significant support, now 8.08 points away from 2,585.23. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, the Kospi Composite Index peaked above its 21 day Simple Moving Average around 2,599 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems the Kospi Composite Index might start pointing upward in the short term.
Fundamental indicators – South Korea CPI (YoY) (Jun) came out at 2.7, while a consensus of analysts was expecting 2.9.
In the meantime, negative performances are also seen in other markets, Nikkei goes down 0.98% yesterday and closed at 33,753.
Other assets are showing positive performances as ASX 200 is trading around 7,279 after ending yesterday's session at 7,246 (up 0.45% today). Hang Seng goes up 0.63% yesterday and closed at 19,300.
