Kospi Forecast for 3rd June 2013

kospi

Kospi tested Fibonacci resistance at 263.50 where we advised to exit longs & try shorts with
stops above 264.20. This trade worked nicely as we topped at 263.90 & drifted back to support at 260.87. We have further support down to 259.80 today so watch for a break below 259.00 today to signal continue losses to the 200 day moving average at 258.29 & possibly a move as far as 257.50/40 this week.

263.56/90 remains strong resistance & a selling opportunity this week. However we then run in
to 5 month trend line resistance at 265.20 so only above here opens the door to further gains this week.

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