Technical indicators are mathematical calculations based on the price, volume or open interest of a security or contract. By analyzing historical data, technical analysts use indicators to predict future price movements.
There are two types of technical indicators: 1) overlays 2) oscillators.
1) Overlays: Technical indicators that use the same scale as prices are plotted over the top of the prices on a stock chart. Examples include moving averages and Bollinger Bands.
2) Oscillators: Technical indicators that oscillate between a local minimum and maximum are plotted above or below a price chart. Examples include that MACD or RSI.
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Hi,
After a significant price move, either up or down, prices will often retrace a significant portion of the original move. As prices retrace, support and resistance levels often occur at or near the Fibonacci retracement levels. These are the Fibonacci retracements levels (61.8%, 38.2%, and 23.6% ) which a stock can possibly retrace before it resumes the original directional move. The Golden Ratio is calculated by dividing a number from the Fib series by the previous number, this number approaches 1.618 as the Fib number increases and is called the Golden Ratio.