Technical indicators not a decision maker but a supporting tool used widely by many people. It reduces the human job.Its used both in trending and Non-trending area.
Technical Indicators
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Stock Analysis
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Bullish View
Bearish View
- Bearish-GAP-SHORT-BICON-25-10-2019 October 25, 2019
- FEDERAL BANK – BEARISH ENGULFING October 17, 2019
- Cummins India – Bearish Engulfing – 24Sep19 September 25, 2019
- Day29-Tata Motors DVR – Bearish Piercing – 12Sep19 September 12, 2019
- Day27-Bearish-Engulfing pattern-Tech Mahindtra-09Sep19 September 10, 2019
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Hi,
This will be the appropriate answer for the question 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 bearish reversal trend Draw Horizontal Fib retracement lines from the bottom & top and considered to be 100% & 0% respectively. if the price reverses to 23.6% then there is support and if it breaks 23.6% then 38.2% & 50% are considered as other support zones.
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