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Intraday analysis is for short term only whereas positional analysis is for longer duration may be weeks. Technical analysis cannot be used in intraday analysis but can be used for positional analysis.
Fibonacci retracement helps us to identify potential reversal of trend.
Create a chart with trendline at 100%,61.8%,50%,38.2%,23.6%,0%
start with high at 100% trendline. If the stock touches 61.8% ,it is the time to look for reversal.Once it reverses,it has resistance at 100%.
If it does not reverse,look for support at 38.2%.
Thus the support and resistance zone are identified.
Fibonacci series is 0,1,1,2,3,5,8,13,21,34,55,89,….
The difference between the consecutive numbers is 1.618
The number got when dividing a number by the second number in the right is 0.382 approximtely (8/21,13/34,….)
The number got when dividing a number by the third number in the right is 0.236 approximately(1/3,2/8,5/21,…..)
The golden ratio are 61.8%,38.2%,23.6%( arrived by the method above)
Technical indicators are not decision making, it act as a supporting information to the analysis. Analysis is a decision making pattern where price and volume is observed.
RSI stands for relative strength indicator. it works well for non-trending zone. There are two marks 30 and 70 mark.
When price goes above 70 mark then it is overbought and price will begin to fall.
When price goes below 30 mark then it is oversold and price will begin to increase.
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