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KOSPI forecast for coming week ended 27th July, 2012.

KOSPI was unable to show any move, so I am still holding my last week’s view on it. 

Since it is struggling to break 1850 level so triggering bullish pattern is out of question for now. I will think about the bullish pattern when it will break around 1900 level. In coming week if it doesn't break 1850 level in early days then there is a chance that it can drop to test lower levels.

Few times ago KOSPI was looking to make reverse symmetrical triangle but last week I was suspecting about that and now after considering last few days moves I think it has a chance of making a descending triangle and its break out looks close. KOSPI is compelling me to guess about different options in both sides and sometime that becomes very confusing. Last week I was talking about a bearish pattern which could take it towards 1700 but yet there is no certainty about that because it needs more drops (around 1780 levels) in the downside to prove that pattern.


NOTEPlease see the disclaimer of this blog.

Comments

  1. Hello,
    Kospi eneded at 1789 today.
    Is this downward pattern?

    ReplyDelete
  2. Sorry I don’t have the system to see today’s closing figure.

    But 1780 is an important level and if it does not come out from that level soon then bad things can happen. Therefore it will be interesting to see whether it is a straight fall or gradual drops. If that bearish pattern triggers then that 1700 figure which I have mentioned in my posting is the maximum, as Kospi may turn around before that (roughly 1730-1740 will be the average success rate).

    ReplyDelete

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