Technical forecast for Kospi

kospi

Kospi very volatile in the last few sessions as we shot high beating resistance at 254.56/87 to reach 256.80/257.20 which did just about hold the topside as hoped. However a break above the 200 day moving average at 257.60 could target 259.20/30 & possibly strong resistance at 260.40.

25485/55 is immediate support then 253.35/25. Below here look for 251.80/65 support & then 249.66/248.80 where we meet the 18 month trend line & we should look oversold in the short term at this stage so it may be wise to exit shorts & perhaps try longs. We need stops below April lows at 246.90.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More