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SOUTH KOREA: KOSPI sees bears back in charge after it has seemingly completed
some kind of market top. The fragility of the preceding uptrend was evident in
the RSI, which charted a failure swing top through Nov. This followed a negative
RSI divergence which unfolded between Sep 24 - Nov 6. Against this backdrop, a
bearish Harami candlestick pattern charted on Nov 15/18 sparked a dynamic
sell-off, which resulted in a channel breakout and took the index below the
neckline provided by Nov 11/13 lows of 2,119.07/2,118.67, confirming a double
top reversal pattern. In the process, KOSPI filled the gap from earlier this
month and slid under its 200-DMA, threatening to breach the 50-DMA at 2,086.52,
the nearest support level. Below there opens the Oct 10 trough at 2,010.90.
- With little of note on the S. Korean docket, this week's sell-off has been
driven mostly by the goings-on in U.S.-China relations. Participants remain wary
of potential implications of the contentious U.S. bill re: Hong Kong protests
for the ongoing trade talks with Beijing. Meanwhile, earlier enthusiasm about
the touted "phase-one" deal has waned amid recurrent reports of hitting a snag.
- See chart at: https://emedia.marketnews.com/marketnewsintl/KOSPI21112019.png