A favorite technical analysis tool of many traders is the Fibonacci retracement. At its core, the tool basically measures the stock compared to its previous trend; hence, the name. The tool focuses on 3 main retracement level: 38%, 50%, and 62%. Depending on your time frame, all of these can be used as significant support [...]
Fibonacci analysis is a simple study that allows traders to forecast levels of support and resistance and project price targets.