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Re: XenaLives post# 27254

Sunday, 09/20/2020 1:23:44 PM

Sunday, September 20, 2020 1:23:44 PM

Post# of 61290
The concept of Fibonacci ratios used as Fibonacci retracement levels in technical analysis of stocks is also interesting. See https://economictimes.indiatimes.com/markets/stocks/news/technicals-with-etmarkets-how-to-use-fibonacci-to-identify-buying-levels/articleshow/53718163.cms which mentions "Fibonacci ratios i.e. 61.8%, 38.2%, and 23.6% can help a trader identify the possible extent of retracement. Traders can use these levels to position themselves for a trade. ... Think of a situation where you wanted to buy a particular stock but you have not been able to do so because of a sharp runup in the stock. In such a situation, the most prudent action to take would be to wait for a retracement in the stock price. Fibonacci retracement levels such as 61.8%, 38.2% and 23.6% act as potential levels up to which a stock can correct." FCEL in August 2020 reached an intraday new 52-week high of $3.50 and 61.8% of that amount is 2.163 - nearly identical to the $2.17 price level (where I once had a limit buy order on the stock) that the stock was trading at (and around) for some time on Sept. 10th and 11th before starting to shoot up on the 14th! I think I've seen similar activity in charts of FCEL for the early 2019 to late 2019 time frame.

Some web pages also mention a 76.4% level and some other levels. See https://commodity.com/technical-analysis/fibonacci-retracements/ for an example.

In posting to this site, it is my primary aim to provide accurate information and good ideas to the readers, for their benefit - and not hype or nonsense or gross exaggerations (except maybe for humor). I hope I achieve that goal.

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