Applied Fibonacci…
While many traders are familiar with retracement levels, many are not aware
that they can often be a good indicator on the intraday chart as well.
9-18-2002
10:55:42
Intraday Setup Alert
Nike (NKE)
is now rallying out of a pullback to a 38.2% retracement from the intraday low
to high. NKE is up 1.06 to 42.76.
The strongest trending stocks will rarely pull back past the 50%
RT, and often only to the 38.2, as was the case with NKE Wednesday. The stock
moved nearly 1 point higher after bouncing off the Fibonacci level.
As with any indicator, they don’t make the trade. You have to
view them in conjunction with the overall picture at the present time of the
market. However, they do provide some excellent points to pay attention to for
possible entries.
Until tomorrow,
Duke