Kospi Forecast for 3rd June 2013

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.