KOSPI South Korea Technical Analysis
The South Korean KOSPI has gapped lower to kick off the trading session, only to turn around and show signs of life. That being said, the 5500 level is an area that I think people will be watching very closely.
We did basically fill the gap and if we can break above the gap, then we can continue to go looking towards the 5750 level and then possibly beyond. This is a market that sold off rather hard about a week, and a half ago and now is trying to build some type of basing pattern to continue the overall uptrend.
The 50-day EMA sits just below the 5200 level and that should offer significantly supportive action. Below that, you have the 5000 level, so I think you’re in a situation where we are going to continue to see a buy on the dip and bounce type of behavior.
TSX Toronto Technical Analysis
The TSX in Toronto has fallen early, testing an uptrend line, and at this point, we will have to wait and see whether or not it can bounce. This is an area where I would anticipate that it could with any type of good news.
Remember that Toronto is mainly financials and materials such as commodities, so it does make certain amount of sense that as some commodities have really taken off, Canada would be a big beneficiary. If we can get a positive session, I think there’s a very real chance that we are going to go looking at the 33500 level.
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The FTSE 100 in England initially fell to reach the 10200 level but then turned right back around to show signs of life. The 50-day EMA is an area that I think traders will be watching very closely, and if we can get above there, then the 10450 level could be targeted followed by 10650.
It’s going to take some time, but we are in the process of trying to find a floor. Unless we get some type of major economic shock or geopolitical shock, then it’s likely that eventually we will see this market try to turn things around and resume the uptrend it had been in.
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