ASX approaching support, potential bounce!

ASX is approaching our first support at 5516 (50% fibonacci retracement, 61.8% fibonacci extension, horizontal swing low support) and a strong bounce might occur above this level pushing price up to our major resistance at 5950 (100% Fibonacci extension , 50% fibonacci retracement, Horizontal overlap resistance).
Stochastic (89,5,3) is also approaching support and we might see a corresponding bounce in price should it react off this level.
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