FIBONACI NOT SURE HOW TO USE IT
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Stock Analysis
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Hi sir,
Try to understand the Fibonacci retracement from the upcoming answers.
What is the logic behind golden Mean – Fibonacci Series?:
Fibonacci series is the sequence of numbers in which each number is the sum of the previous two numbers in the sequence.
Fibonacci Series is 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144,………….
Golden Mean is 1.618 Logic behind golden mean is the ratio of two consecutive numbers in fibonacci series is same for all the two consecutive numbers. Example 1: 21/13=1.618
Example 2: 144/89=1.618
How do we use Fibonacci retracement to identify support and resistance zone?: Fibonacci Retracements are ratios used to identify potential reversal levels. These ratios are found in the Fibonacci sequence. The most popular Fibonacci Retracements ratios are
1. 61.8% – dividing one number in the series by the number that follows it. For example: 8/13 = 0.6153
2. 38.2% – ratio is found by dividing one number in the series by the number that is found two places to the right.
3. 23.6% ratio is found by dividing one number in the series by the number that is three places to the right.
To identify support and resistance zones: For bullish trend Draw Horizontal lines with the bottom & top & considered to be 0% & 100% respectively,
if the price goes above 23.6% then there is support the resistance zones can be 38.2% & 61.8% likewise resistance zone is considered.