Ep 72: Applying Fibonacci Retracements to Stock Charts
3 min readThat’s what I want to share with you, if you’re new to the stock market then you might not want to really do a ton of practice on Fibonacci just yet, until you have the volume down, until you understand how stocks moved, the behavior. You might want to take a look at one of the other courses that I have available and then get into Fibonacci.
Now I did go over the stock market today in the critical charts specifically on what’s going on here with the SPDRS and the SPY, along with the market in general. Right now we had a nice pop from these lows over here at the 182 level.
That is in part due to hitting the support level. I talked about this on the last week’s rapid recap or Let’s Talk Stock sessions where we could be bouncing at this price level. Really I was looking at the lows from the January 20th and we came right into that.
We came right into that and bounce, right with that OPEC announcement and we were also slightly oversold. So we came in we bounced and part if you look at the volume you can see right here the previous swing lows here on these volume bars, where the biggest amount of trades happened here was 506.6 million on the swing lows we tried to break it on 286, it didn’t happen.
We tried to break it on 219, it didn’t happen so we’re going to take them higher. So we’ll see if the market rejects at this price level. You’re basically watching this 1930 or the 1950 level as key levels and if it breaks through that you’ll see the 2000 level but if it rejects it you could see a comeback to retest this 1810 – 1812 level.
Keep those levels in mind as you’re going through the market but if you want to see the more in-depth lesson recap about these stocks then take a look at your critical charts account on the website, which I went in detail today about it the.
Fibonacci Retracements
In either case today what I want to do is talk about these Fibonacci retracements because stocks, they don’t go straight down. They don’t go straight down even though sometimes it feels like they go straight down. Like here it seems like we went straight down but really we had a few pops in there.
#applyingfibonacci #fibonacciretracements #stockcharts #fibonacci
Posted at: https://tradersfly.com/blog/ep-72-applying-fibonacci-retracements/
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