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Fibonacci Retracements

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Fibonacci Retracements are displayed by locating two extreme points, a trough and opposing peak. Five lines are drawn: 100% (the high on the chart), the second at 61.8%, the third at 50%, the fourth at 38.2%, and the last one at 0% (the low on the chart). These price levels often correspond to areas of support and resistance.

Related Articles: Trading with Fibonacci Numbers

Chart courtesy of Prophet Financial Systems (www.prophet.net)

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Categories Articles, Technical Analysis | Tags: Fibonacci, Technical Analysis, Technical Indicators

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