ASX approaching support, potential bounce!
ASX is approaching our first support at 5590 (100%, 61.8% fibonacci extension, 50% fibonacci retracement, Horizontal swing low support) and a strong drop might occur below this level pushing price up to our major resistance at 5949 (100% Fibonacci extension, 61.8% Fibonacci retracemen, Horizontal overlap resistance).
Stochastic (34,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (34,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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