- Bearish market sentiment insufficient to push the Kospi Composite Index into testing pivotal support level at 2,372.22
- Lower Bollinger Band® at around 2,347.58
The Kospi Composite Index slides down from 2,399.25 to 2,361, losing 38.25 points (1.6%) today.
The Kospi Composite Index hit a significant low of 2,155.49 around 2 months ago, but has since recovered 11.31%.
Support/Resistance levels obtained from chart analysis indicate that although KOSPI Composite Index is pointing down today (was as low as 2,361), it's climbing away from the 2,372.22 support line and is now 11.25 points above it. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at 2,347.58, a low enough level to, generally, suggest that the Kospi Composite Index is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates the Kospi Composite Index will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, Hang Seng lost 1.55% yesterday and closed at 19,673. CAC lost 1.14% yesterday and closed at 6,730.79. DAX withdraws 1.14% yesterday and closed at 14,460.