ASX testing its resistance, potential to drop!
ASX is testing its resistance at 5765 (23.6% Fibonacci retracement, horizontal overlap resistance, descending resistance line) where it could potentially fall to its 1st support at 5738 (78.6% Fibonacci retracement, horizontal swing low support). If it breaks past this level it could fall to its 2nd support at 5680 (horizontal swing low support). We have also identified another resistance at 5806 (61.8% Fibonacci retracement, horizontal overlap resistance).
RSI (89) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
RSI (89) is being held down by a corresponding descending resistance line which contributes to our bearish bias.
Note
ASX broke past its support and dropped strongly downwards. Nice!
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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.