Technical forecast for 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.