ASX reversed from resistance level 5400.00
- ASX reversed from resistance level 5400.00
- Next sell target - 5300.00
ASX continues to decline – following the earlier downward reversal from the resistance level 5400.00 (which also previously stopped the earlier minor impulse wave (iii), as can be seen below). The resistance zone near the resistance level 5400.00 was strengthened by the upper daily Bollinger Band. The downward reversal from 5400.00 stopped the earlier minor impulse wave (iii) of the intermediate C-wave from the start of April.
Given the bearish divergence visible on the daily RSI indicator – ASX is likely to fall further to the next sell target at the support level 5300.00 (which revered earlier minor corrective wave (iv)).