- Price action fails to overcome resistance at 2,516 after brief test; now trading 14.38 points lower
- Despite adding 5.72 points today, the Kospi Composite Index ventured below 2,507 (21 day Simple Moving Average) in earlier trade
While in the midst of a 10 day downtrend, losing a total of 2.89% (80.1 points), A possible reversal detected from yesterday; the Kospi Composite Index recovered from the previous trading session's losses and went up to 2,501.53 yesterday after it traded lower at 2,489.58.
The Kospi Composite Index has managed to gain 11.89% so far this year despite trading at lows around 2,155.49 previously.
KOSPI Composite Index reversed direction at 2,516 resistance zone and retreated back 14.38 points below it. Despite posting gains on yesterday, the Kospi Composite Index slid below its 21 day Simple Moving Average at 2,507 during the last session — an early indicator that a negative trend could be emerging.
The Kospi Composite Index is likely to reverse course and start pointing downward in the short term.
Other markets are also showing gains as Nikkei is trading around 28,856 after ending yesterday's session at 28,458 (up 1.4% today). Dow Jones went up by 0.8% yesterday, and closed at 34,100. Notably, FTSE rose 0.5% yesterday and closed at 7,831.58.