Technical Indicators

Hi,
This will be the appropriate answer for the question How do we use Fibonacci retracement to identify support and resistance zone?:
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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
0, 23.6, 38.2, 50, 61.8, 78.6, 100
To identify support and resistance zones: For bullish trend Draw Horizontal lines with the bottom & top considered to be 100% & 0% respectively. if the price retraces to 23.6% then there is support and the other support zones can be 38.2% & 61.8% .