KOSPI closes below its opening price unable to hold early session gains
Korea Composite Stock Price Index (KOSPI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
KOSPI ended Wednesday at 2435.92 losing ₩7.66 (-0.31%). Trading ₩7.81 higher after the open, the stock index was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 28th, KOSPI lost -1.17% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (KOSPI as at Sep 16, 2020):
Wednesday's trading range has been ₩20.59 (0.84%), that's below the last trading month's daily average range of ₩32.07. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for KOSPI.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 2458.17, upside momentum could speed up should the index be able to break out to new highs for the year.