Share prices have reached a significant Fibonacci retracement level at 1.618% after a huge selloff in last week's trading session. It's looking very bearish in that downward price channel. However, there are a few price points that I would like to point out for future references.
1. 87.47 - A critical resistance point to look out for if prices are to react to Fibonacci retracement level. These are mostly computerised reversal points.
2. 86.54 - The next support price point if nothing happens at 87.47
3. 85.58 - Another support price point if it fails to hold at 86.54
4. 84.17- This might be the final support if it fails at 85.58
1. 87.47 - A critical resistance point to look out for if prices are to react to Fibonacci retracement level. These are mostly computerised reversal points.
2. 86.54 - The next support price point if nothing happens at 87.47
3. 85.58 - Another support price point if it fails to hold at 86.54
4. 84.17- This might be the final support if it fails at 85.58
