ASX is approaching resistance, potential drop!

ASX is approaching our first major resistance at 5885.8 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong drop might occur below this level, pushing price down to our major support at 5692.5 (horizontal swing low support).

Stochastic (89,5,3) is also approaching our major resistance and is seeing a bearish divergence where we might see a corresponding drop in price.

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