ASX approaching its support, potential for a bounce!

ASX approaching major support at 5905.6 (62.8% Fibonacci extension , 76.4% Fibonacci retracement , horizontal swing low support) where a potential bounce could occur, causing price to rise to its 1st resistance at 6304.6 (76.4% Fibonacci retracement , horizontal swing high resistance). If it breaks past this level it could rise to its 2nd resistance at 6081.7 (horizontal swing high resistance) or to 6151.7 (61.8% Fibonacci extension , 100% Fibonacci extension , horizontal swing high resistance). We have also identified a 2nd support area at 5868.6 (100% Fibonacci extension , 50% Fibonacci retracement , horizontal swing low support.

Stochastic (89, 5, 3) shows it approaching its support at 3.45% where a corresponding reaction could occur.

Trade active:

Price has bounced off our support area nicely! Keep an eye out for potential further bullishness!