It looks like that chance of making a new up trend is getting far for Kospi. Last time I was saying that Kospi has a good chance of making medium-term bearish pattern if it breaks levels below around 1940 range and now that fear is more convincing. If this bearish pattern triggers then Kospi may test levels below 1900.
During this week Kospi has not shown any promising move to avoid the middle-term bearish pattern. Now it may take couple of up moves and may be testing around 1980 range in early to middle days of the coming week but unless it is showing any convincing move in the upside (better to say moves above 2020 levels) it will be hard to negate the middle-term bearish pattern.
Here I must say that though I am talking about the middle-term bearish pattern which now looks more promising but if Kospi respects around 1940 support ranges then there is a chance that Kospi may create a bullish pattern in future but that needs more time, for triggering the bullish pattern important level is around 2040 range.
About me : I am an active stock trader, I trade on Indian market. I am not a writer but in weekends, I love to spend sometime with it. Though it is an Equity market blog but it also covers Bond & Treasury market as well as currency market.
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