- 80.93 points is the Kospi Composite Index's largest daily jump in 8 months.
- Upper Bollinger Band® currently at 2,487.43
The Kospi Composite Index is on a 15 day bullish run gaining 189.11 points (12.2%). The Kospi Composite Index pointed in the same direction yesterday: after finishing Thursday at 2,402.23, the Kospi Composite Index went up to 2,486.46 before paring its losses and closing at 2,483.
The index has been trending positively for about a month. The Kospi Composite Index is now trading 11.45% above the significant low (2,155.49) it slumped to a month ago.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Momentum evaluation shows that according to technical analysis of the Kospi Composite Index's Relative Strength Index (RSI), the market is currently overbought. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,487.43, thereby suggesting that the Kospi Composite Index is becoming overvalued. A study of the Kospi Composite Index's historical price actions shows although the Kospi Composite Index is appreciating today after rising as high as 2,486.46, price action is now slowing and consolidating around 8.75 points below the 2,492 resistance level.
Overall, while the Kospi Composite Index has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
Other markets are also showing gains as Hang Seng is trading around 17,326 after ending yesterday's session at 16,081 (up 7.74% today). ASX 200 went up by 2.79% yesterday, and closed at 7,158. Nikkei is trading around 28,264 after ending yesterday's session at 27,446 (up 2.98% today).