Australia 200Long
ASX approaching support, potential for a bounce!
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.
Stochastic (34, 5, 3) shows it approaching its support at 5.03% where a corresponding bounce could occur.
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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.