- Price action is gradually approaching a key resistance hurdle at 2,234.62
- The Kospi Composite Index made an initial breakout above its 10 day Simple Moving Average at 2,199.81, a potential indicator of a newly emerging bullish phase.
4 days and 27.64 points of gains are not enough for the Kospi Composite Index. It was more of the same for the Kospi Composite Index yesterday — the Kospi Composite Index recovered from the previous trading session's losses and went up to 2,250 yesterday after it traded lower at 2,221.44.
Having set a significant high of 3,029.57 18 days ago, the Kospi Composite Index is trading 2.98% lower.
KOSPI Composite Index made an initial breakout above its 10 day Simple Moving Average at 2,199.81, a potential indicator of a newly emerging bullish phase. Despite this, the Kospi Composite Index could be slowing down soon as it approaches resistance at 2,234.62. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems the Kospi Composite Index might continue pointing upwards in the short term.
The Kospi Composite Index shows positive signs, other assets are also on par: notably, S&P 500 rose 2.65% yesterday and closed at 3,583. ASX 200 is trading around 6,779.2 after ending yesterday's session at 6,664.4 (up 1.72% today). Nasdaq rallies 3.43% yesterday and closed at 10,321.