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Fibonacci

Gold Poised for Downside Breakout as Bearish AB=CD Pattern TakesGold prices are hovering near 62,064 INR, trapped within a bearish AB=CD pattern that could trigger a further decline in the near future. The pattern's completion at the 161.8% Fibonacci extension level suggests a potential downside target of 59,325 INR. However, a break above the pattern's upper trendline at 63,000 INR could invalidate the bearish bias and open the door for a move towards 64,000 INR. Keep an eye on key technical indicators like the RSI and MACD for confirmation of the bearish trend or signs of a potential reversal. gold, gold price, gold analysis, AB=CD pattern, Fibonacci retracement, bearish, technical analysis, TradingView Disclaimer: I am not a financial advisor and this is not financial advice. Please do your own research before making any investment decisions.
MCX:GOLD1!Short
by TRADING-NASA
Comprehensive Exploration of Fibonacci RetracementUnderstanding the Fibonacci Retracement Tool: Mathematical Roots: The Fibonacci retracement tool finds its origins in the intriguing Fibonacci sequence—a mathematical concept where each number is the sum of the two preceding ones (e.g., 0, 1, 1, 2, 3, 5, 8, 13, and so forth). This sequence forms the groundwork for a technical analysis tool that seeks to unveil potential support and resistance levels in financial markets. Application in Technical Analysis: Traders and analysts harness the power of Fibonacci retracement to decipher probable levels where price movements might stall, reverse, or undergo significant shifts. The tool is a crucial component of the trader's arsenal, offering insights into market sentiment and potential turning points. Deconstructing Fibonacci Retracement Levels: Connecting Pivotal Points: The process of employing Fibonacci retracement involves connecting two critical points on a price chart—the high and low of a recent price swing. This connection gives birth to horizontal lines, each corresponding to a specific percentage level. Key retracement levels include 23.6%, 38.2%, 50%, 61.8%, and 78.6%. Degrees of Retracement: Each retracement level serves as a numerical representation of the extent to which the price retraces a prior move. Traders often observe these levels as potential zones of interest, although it's crucial to note that they do not guarantee support or resistance but rather signify areas worthy of attention. Significance Amplified: The Self-Fulfilling Prophecy: Market Psychology at Play: One of the fascinating aspects of Fibonacci retracement is its role as a self-fulfilling prophecy. The efficacy of these retracement levels is often heightened by the collective belief and actions of market participants who use and trust in the tool. As a result, Fibonacci retracement becomes a dynamic force influencing market behavior. Strategic Applications of Fibonacci Retracement: Price Reversal Zones: Fibonacci retracement strategically identifies zones where price reversals may occur. For instance, in the context of an uptrend, a retracement to the 61.8% Fibonacci level might signal a potential entry point for traders anticipating a resumption of the upward trajectory. Entry/Exit Confirmation: Traders frequently intertwine Fibonacci retracement with other technical indicators to confirm entry or exit points. This multi-faceted approach provides a more robust foundation for decision-making. Trend Strength Assessment: Beyond predicting reversals, Fibonacci retracement aids in assessing the strength of a prevailing trend. Shallow retracements (23.6% or 38.2%) may indicate a resilient trend, while deeper retracements (61.8% or 78.6%) could signify a weakening trend or the possibility of a trend reversal. In Conclusion: Unlocking Potential with Fibonacci Retracement: Versatile Decision-Making Tool: The Fibonacci retracement tool stands as a versatile instrument in the trader's toolkit, offering not just numerical levels but a nuanced understanding of market sentiment and potential trend shifts. Its application extends beyond mere prediction, providing traders with actionable insights for more informed decision-making in the dynamic world of financial markets.
NSE:MPHASISLong
by Marketik
IRFC stock first profit target at 78.0 and a second target 81.90In my analysis(for 1 week), I've identified a potential trade idea for the IRFC stock. Based on my evaluation, I see two profit targets. The first target is set at 78.0, while the second target is at 81.90 . To manage risk, it's important to establish a clear stop-loss level. **Trade Idea:** Consider a long position(1 week) on IRFC stock with a first profit target at 78.0 and a second target at 81.90 . Implement a well-defined stop-loss strategy to manage risk effectively. 1st Target--> 78.0 2nd Target --> 81.90 Thanks Kambi
NSE:IRFC
by kambi123
3
NIFTY 12 DECYesterday couldnot sustain above 20018 Today's opening is improtant: If open above 20969-20900 and after taking support able to break and sustain above 21018-21025 with 15 minute goood closing, then intraday upside move can be seen to 21096/21106. If open gap up above 21018-21025 will wait for buying setup if sustain above 21018-21025 Downside support remains 20940-20900, 20827-20830(can act as major support) have to wait for price action for long opportunity ,if price approaches downside to 20827/20830
NSE:NIFTY
by Apu_3007