ASX approaching support, potential for a bounce!

13 mar 2018

ASX is approaching its support area at 5905.6 (61.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, pushing price up to its 1st resistance at 6034.6 (76.4% Fibonacci retracement , horizontal swing high resistance), or possibly to its 2nd resistance at 6081.7 (horizontal swing high resistance). We have also identified a 3rd major resistance at 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). It is also worth noting that a strong ascending support, which price is currently testing, has also been identified.

Stochastic (34, 5, 3) shows it approaching its support at 5.03% where a corresponding bounce could occur.