ASX approaching its support, potential for a bounce!
ASX approaching major support at 5905.6 (62.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, causing price to rise to its 1st resistance at 6304.6 (76.4% Fibonacci retracement , horizontal swing high resistance). If it breaks past this level it could rise to its 2nd resistance at 6081.7 (horizontal swing high resistance) or to 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). We have also identified a 2nd support area at 5868.6 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal swing low support.
Stochastic (89, 5, 3) shows it approaching its support at 3.45% where a corresponding reaction could occur.
Stochastic (89, 5, 3) shows it approaching its support at 3.45% where a corresponding reaction could occur.
Trade active
Price has bounced off our support area nicely! Keep an eye out for potential further bullishness!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.