- Next support is currently 5.21 points away at 2,568.32
- The Kospi Composite Index looks below 2,572.83 (3 day Simple Moving Average) as signpost for new negative trend
Though in the midst of a 9 day uptrend, gaining a total of 4.22%, (115.85 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. Bearish sentiment ensured the Kospi Composite Index finished yesterday's session lower. However, despite the downward bias, the Kospi Composite Index etched out a distinct 2,552 to 2,574 session range.
The index has been trending positively for about a month. The Kospi Composite Index has managed to gain 15.14% so far this year despite trading at lows around 2,155.49 previously.
KOSPI Composite Index made an initial break below its 3 day Simple Moving Average at 2,572.83, a possible indication of a forthcoming negative trend. On the other hand, note that the Kospi Composite Index could begin to recover as it approaches significant support, now 5.21 points away from 2,568.32. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the Kospi Composite Index to extend its recent losses.
In the meantime, negative performances are also seen in other markets, DAX stumbles 0.9% yesterday and closed at 15,900. After ending yesterday's session at 7,549.44, CAC lost 38.96 points and is trading around 7,510.48. EuroSTOXX lost 0.54% yesterday and closed at 4,393.57.
