Hey everyone, how are you all?
Let’s discuss Pitchfan and Fibonacci Channel on S&P 500. There are some bearish news in the market. The news includes Federal Reserve’s stance on increasing the interest rates, making investors shifting into the bond markets. Netflix down by 22%. Your trades should always respect the fundamental analysis. Don’t try to go against...
Fibonacci Channels are used to determine fibonacci support and resistance levels within an identified trend.
These channels can easily be drawn in both uptrends or downtrends to find potential areas where price action could change.
Uptrend
When drawing a Fibonacci Channel on an uptrend, a clearly identified trend needs to be established with higher lows ...
The Fibonacci Channel is a technical analysis tool that is used to estimate support and resistance levels based on the Fibonacci numbers. It is a variation of the Fibonacci retracement tool, except with the channel the lines run diagonally rather than horizontally.
The tool is used to aid in identifying where support and resistance may develop in the future. If...
