KOSPI closes lower for the 2nd day in a row


Korea Composite Stock Price Index (KOSPI) Technical Analysis Report for Aug 16, 2019 | by Techniquant Editorial Team

Highlights

KOSPI closes above its opening price after recovering from early selling pressure
KOSPI closes lower for the 2nd day in a row

Overview

Moving lower for the 2nd day in a row, KOSPI ended the week -0.55% lower at 1927.17 after losing ₩11.20 (-0.58%) today. Trading up to ₩9.77 lower after the open, the stock index managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, KOSPI actually lost -0.20% on the following trading day.

Daily Candlestick Chart (KOSPI as at Aug 16, 2019):

Daily technical analysis candlestick chart for Korea Composite Stock Price Index (KOSPI) as at Aug 16, 2019

Friday's trading range has been ₩15.45 (0.8%), that's below the last trading month's daily average range of ₩22.43. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for KOSPI.

Prices are trading close to the key technical resistance level at 1933.25 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying could accelerate should prices move above the nearby swing high at 1952.22 where further buy stops might get activated. With prices trading close to this year's low at 1891.81, downside momentum could speed up should the index break out to new lows for the year.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) below 30" stand out. Its common bullish interpretation has been confirmed for Korea Composite Index. Out of 26 times, KOSPI closed higher 65.38% of the time on the next trading day after the market condition occurred.


Market Conditions for KOSPI as at Aug 16, 2019

Loading Market Conditions for KOSPI (Korea Composite Stock Price Index)...
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