The mainly four Fib. Retracement are applied in different years.
- confluence zone at 9647.
- 38.2 retracement level is at 9395
- previous resistance and 61.8% retracement level at 9067.
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Question is how to understand and use these levels?
Answer; There is always pullback whether there is a stock or market. If there is normal good new, then pullback easy can be 38.2% retracement. Though the confluence zone is the memory of investors, here is 9647 attract to investors. Above all given levels are actionable for traders and investors.
I would like to add GAP theory on with retracement in another chart .
Trade closed: target reached:
Target achived