Monitor Support zone
Upper border 61.8 % retracement - 52 cents
Lower border Doji Tail support - 48.5 cents
Friday, January 11, 2008
Fibonacci Retracement
Fibonacci Retracements are based on a trendline drawn between a significant trough and peak.
If the trend is rising, the retracement lines will descend from 100% to 0%
If the trendline is falling, the retracement lines will ascend from 0% to 100%
Horizontal lines are drawn at the common Fibonacci levels of 38%, 50%, & 62%
As the price retraces, support and resistance often occur at or near the Fibonacci Retracement levels.
http://www.chartfilter.com/reports/c14.htm
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