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KOSPI forecast for coming week ended 9th November, 2012.

It is good to see that Kospi is getting support at 1880-1900 ranges and looks like that it makes a base here. But I am not too much optimistic about this because the chance of making bearish pattern is still there. Last week I was talking that it may take time to react on that medium term bearish pattern, in fact it that bearish pattern is true then it may test higher levels from here as it did in last day. Here I think that it may get important resistance at around 1960 levels and Kospi will be out of that bearish pattern if it breaks around 2000 levels in the upside.

Kospi is making lower highs and lower lows and in a medium term bullish situation that is not bad but it is very hard to define any time. Last week I was talking about a probable short-term bullish pattern but this week’s movements did not show any new developments in that option, for this important level in the upside is around 1960. In the last day Kospi showed better move but that was not a strong one so now it is important for Kospi to maintain around 1910 level in early days of the coming week.

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