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Asian Indices Hold Strong: Hang Seng, Kospi, Topix Analysis

Hang Seng Kospi Topix

Stay updated on Asian stock indices’ resilience amid geopolitical tensions. Analysis of Hang Seng, Kospi, Topix.

Asian stock indices, including the Hang Seng, Kospi, and Topix, have managed to bounce back from significant support levels despite heightened geopolitical tensions. The Hang Seng Index is attempting to recover from a critical support area near the May low of 18000 and the lower edge of a declining channel since early 2023, which is around 17400. Although downward momentum has increased, oversold conditions and recent policy support measures limit the potential for significant downside. Immediate challenges for Hang Seng include surpassing the hurdle at Friday’s high of 17935 and, in the medium term, clearing the early-September high of 18900 to signal a potential turnaround.

Asian Indices Hold Strong Despite Geopolitical Tensions – Hang Seng, Kospi, Topix Analysis

The Kospi index is approaching intense support levels, including the lower edge of the Ichimoku cloud and the bottom of a declining channel since August. While upward pressure has eased in the short term, a fall below the March low of 2350 is necessary for substantial downside risks to emerge. Without this, the bias remains sideways to upward. The index recently fell below vital support at the July low of 2515, triggering a minor double-top pattern and opening toward 2380. Kospi must stay above the significant support level at the March low 2350 to sustain the eight-month rally.

Conversely, Topix has rebounded from a crucial support level at the July and August lows 2225. This support is robust and is unlikely to break easily within the broader uptrend. A strong resistance on the medium line of a rising pitchfork channel from 2003 influenced the recent uptrend pause. The index has shown signs of strength in recent years, with a clear bullish breakout above a horizontal trendline from the mid-1990s. The overall upward pressure remains intact as Topix remains above the resistance-turned-support at the 2021 high 2120.

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