Free Fibonacci Retracement and Extensions Lucknow

Published date: June 23, 2023
  • Location: Lucknow, Lucknow, Uttar Pradesh, India

Fibonacci Retracement:
Fibonacci retracement is a method used to identify potential support and resistance levels during a price correction within a larger trend. Traders often observe that after a significant price move in one direction, the market tends to retrace or pull back before continuing in the same direction. Fibonacci retracement levels are plotted on a chart to highlight these potential reversal points. The most commonly used retracement levels are 38.2%, 50%, and 61.8% of the preceding price move. These levels act as support or resistance areas where traders look for potential buying or selling opportunities.

By applying Fibonacci retracement to a price chart, traders can anticipate key levels where the market may reverse or consolidate. When a price retraces to one of these levels, traders look for additional confirmation through other technical indicators or chart patterns before making trading decisions. The Fibonacci retracement tool is widely available on popular charting platforms and can be easily applied by selecting the starting and ending points of the price move.

https://www.finowings.com/technical-analysis/fibonacci/fibonacci-retracement-and-extensions/

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