ASX is approaching resistance, potential for a reversal!

18 Apr 2018

ASX is approaching its resistance at 5861 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, 50% Fibonacci retracement) where it could potentially react off it, causing price to drop to its first immediate support at 5811 (61.8% Fibonacci extension, 38.2% Fibonacci retracement). If it breaks past this level, it could drop to the next support at 5774 (61.8% Fibonacci extension, 50% Fibonacci retracement). We have also identified another resistance at 5903 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching resistance at 98% where a corresponding reaction could occur.