- 2,397 is the Kospi Composite Index's highest rate in 4 weeks.
- Upward momentum including 0.89% gain insufficient to breach pivotal resistance level at 2,396.81
The sentiment that generated 146.42 points in cumulative gains over the past 9 days was further evident for the Kospi Composite Index. On-trend the Kospi Composite Index closed the session yesterday with more of the same: the Kospi Composite Index went up to 2,386 yesterday, gaining 0.89%.
The Kospi Composite Index has gained 6.76% since its lowest print of 2,155.49 earlier this year.
Trend-following investors would be interested to note that investors are seeking long positions as KOSPI Composite Index price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at 2,416.37, thereby suggesting that the Kospi Composite Index is becoming overvalued. Technical analysis shows that the Kospi Composite Index reversed direction at 2,396.81 resistance zone and retreated back 10.72 points below it.
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 notably, ASX 200 rose 0.66% yesterday and closed at 7,280.4. FTSE went up by 0.64% yesterday, and closed at 7,844.
At the same time, Nikkei is down to 26,120, losing 330.3 points, after ending the previous session around 26,450.