- Next support is currently 5.34 points away at 2,432.52
- Although down today, the Kospi Composite Index rose above its 10 day Simple Moving Average around earlier in the session
Though in the midst of a 3 day uptrend, gaining a total of 1.35%, (36.06 points), The prevailing bullish trend is beginning to fade following today's downbeat session. Down on the day: the Kospi Composite Index closed at 2,438 after ranging between 2,433.57 and 2,449.66.
A month ago, the Kospi Composite Index fell to a low of 2,155.49 but has since recovered 13.26%.
Trend-following investors would be interested to note that despite being in the red so far in the current trading session, KOSPI Composite Index peaked above its 10 day Simple Moving Average around 2,441.19 — typically an early indicator of a new bullish trend beginning to emerge. Visual analysis of the Kospi Composite Index's chart shows that the Kospi Composite Index could begin to recover as it approaches significant support, now 5.34 points away from 2,432.52. Dipping below could be an indication that further losses are ahead.
Notwithstanding the Kospi Composite Index's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
In the meantime, negative performances are also seen in other markets, Hang Seng stumbles 0.49% today and closed at 17,661.
Positive performances can be seen by looking at other markets as FTSE is trading around 7,486.67 after ending today's session at 7,466.6 (up 0.27% today). Dow Jones went up by 0.45% today, and closed at 34,347.