Eaglesteam
New Member
A Fibonacci retracement is a term used in technical analysis that refers to areas of support or resistance. Fibonacci retracement levels use horizontal lines to indicate where possible support and resistance levels are. ... If the price rises $10, and then drops $2.36, it has retraced 23.6%, which is a Fibonacci number.
Fibonacci retracements can be used to place entry orders, determine stop loss levels, or set price targets. For example, a trader may see a stock moving higher. After a move up it retraces to the 61.8%% level, and then starts to bounce again.
Fibonacci retracements can be used to place entry orders, determine stop loss levels, or set price targets. For example, a trader may see a stock moving higher. After a move up it retraces to the 61.8%% level, and then starts to bounce again.
