Home » » Top pick for the day - South Korea’s KOSPI

Top pick for the day - South Korea’s KOSPI

Shared By Stock Fanatic on Friday, October 30, 2015 | 30.10.15

Retest is over?


South Korea’s KOSPI (KOSPI) rallied recently and retested several key resistance levels.

Yesterday’ key reversal pattern on its daily chart could potentially signal that the retest ended in a failure to breakout above the previous strong resistance band of 2,050-2,095 and also the support turned resistance trend line from the 2008 lows.

The key reversal pattern also likely marks the end of wave 3ii and we expect more selling to take place soon.

Falling back below 2,109 and also its 200-day SMA would put the bear in control for the short term, targeting the 50-day SMA and 1,915.

Below 1915 would likely bring about further selling towards 1,800 and below once more. We remain bearish on the KOSPI as long as 2,101 stays intact. (Read Report)

Source : CIMB Research


Posted on Friday, October 30, 2015 | 30.10.15
With No comments


Join Me On: Facebook | Twitter | Google Plus ::: Thank you for visiting ! :::
DISCLAIMER:
Some of the photos shown in this blog are randomly sourced from the Public Domain. If there is an infringement in the copyright of the photos; kindly inform us and it will be removed immediately. Thank you for your kind understanding.
Share this article :

Post a Comment

 
Modified by : Stockfanatic
Copyright © 2008 - 2018. Singapore Stock Market News - All Rights Reserved
Template Created by Creating Website Published by Mas Template
Proudly powered by Blogger
Related Posts with Thumbnails