ASX - Daily Key Elements Key levels to look out for ASX. Please refer to our 4hr chart for a strategic view!
Asxshort
ASX approaching support, potential bounce! ASX is approaching our first support at 5946.2 (horizontal swing low support, 61.8% Fibonacci retracement, 100% Fibonacci extension) and a strong bounce might occur above this level pushing price up to our major resistance at 6110.9 (horizontal pullback resistance, 61.8% Fibonacci extension).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it bounce off this level.
ASX will reach 6000 in < 5 working days.I don't know what happened today, but we are almost there.
TA > FA.
RIO TINTO Can be an OCO?Using my "Imagined Reality", this seems like the formation of an OCO. In addition, the attraction of the 2 GAPs below helps confirm my imagination. If this happens, see:
1- Nothing is 100% in graphical analysis
2 - The fall of the asset will not be linear, there will always be "up and down".
3-As can be seen, I put a small blue line to show that the asset can still go up a little more, maybe 1 or 2 days, to form a head with neck and then fall.
Eye alive ... #luizdenot #xbroker
ASX Reversed Nicely Off Resistance, Potential Drop!ASX reversed nicely off its resistance at 6037 (50% Fibonacci retracement, horizontal overlap resistance) where it could potentially fall to its support at 5920 (61.8% Fibonacci extension x2, 50% Fibonacci retracement).
Stochastic (34, 5, 3) reversed off its resistance at 96% where a corresponding drop could occur.
ASX testing resistance, potential drop! ASX is testing our first resistance at 5989.2 (horizontal swing high resistance, 76.4% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 5871.9 (horizontal swing low support, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
ASX approaching resistance, potential drop! ASX is approaching our first resistance at 5989.2 (horizontal swing high resistance, 76.4% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 5871.9 (horizontal swing low support, 38.2% Fibonacci retracement).
Stochastic (89,5,3) is also seeing a bearish divergence and is approaching our major resistance where a reaction off this level might be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
ASX approaching its resistance, potential reversal!ASX is approaching its resistance area between 5851 to 5885 (50% Fibonacci retracement, 38.2% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback resistance) where it could potentially react off it, causing price to fall to its support at 5692 (horizontal swing low support). We have also identified another resistance at 5960 (horizontal swing high resistance, 76.4% Fibonacci retracement).
Stochastic (89, 5, 3) is approaching its resistance at 98% where a corresponding reaction could occur.
