ASX is approaching our first resistance at 5788 (50% fibonacci retracement, 100% fibonacci extension, horizontal swing high resistance) and a strong drop might occur below this level pushing price down to our major support at 5389 (100% fibonacci extension, 76.4% fibonacci retracement, horizontal swing low support).
Stochastic (89, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Stochastic (89, 5, 3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results