ASX is approaching our first resistance at 5788 (100% fibonacci extension, 50% fibonacci retracement , horizontal swing high resistance) and a strong drop might occur below this level pushing price down to our major support at 5389 (100% fibonacci extension, 76.4% fibonacci retracement, horizontal swing low support).
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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