ASX approaching resistance, potential reversal!
ASX is approaching its resistance at 5911 (76.4% & 61.8% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop to its support at 5823 (38.2% Fibonacci retracement, 61.8% Fibonacci extension). We have also identified another resistance at 5951 (100% & 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reaction could occur.
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