- Price action honing in on likely support at 2,469
- Price action is currently stuck around the active Fibonacci support level of 2,483
The Kospi Composite Index dipped as low as 2,450.59 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (2,471.5) with the Kospi Composite Index closing the day at 2,452.
The Kospi Composite Index has recovered 15.05% since descending to a significant low of 2,155.49 around 2 months ago.
Price action remains constrained around the key Fibonacci level of 2,483 currently serving as support. If price action breaks below, the next Fib hurdle is 2,380. Technical analysis of the Kospi Composite Index's past price action reveals multiple support and resistance levels: the Kospi Composite Index could begin to recover as it approaches significant support, now 17.11 points away from 2,469. Dipping below could be an indication that further losses are ahead.
Fundamental indicators – South Korea CPI (YoY) (Nov) came out at five, while a consensus of analysts was expecting 5.1.
In the meantime, negative performances are also seen in other markets, Nikkei drops 1.94% yesterday and closed at 28,226. After ending yesterday's session at 7,354.4, ASX 200 lost 50.4 points and is trading around 7,304. Dow Jones lost 0.56% yesterday and closed at 34,600.