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Technical Analysis Using Fibonacci Retracement Levels
The retracement level forecast is a technique using which one can identify up to which level retracement can happen. These retracement levels provide a good opportunity for the traders to enter new positions in the direction of the trend.
Think of a situation where you wanted to buy a particular stock but have not been able to do so because of a sharp run-up in the stock. In such a situation the most prudent action to take would be to wait for a retracement in the stock.
By plotting the Fibonacci retracement levels the trader can identify these retracement levels, and therefore position himself for an opportunity to enter the trade.
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Aditya Jain Classes
