Fibonacci Retracement Analysis
Fibonacci retracement analysis is a popular technical analysis tool, used by traders mainly to calculate targets for possible entry & exit points, and in determining possible support and resistance levels.It is based on the key numbers identified by mathematician Leonardo Fibonacci in the thirteenth century.The Fibonacci sequence of numbers is as follows: 0, 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, etc. Each term in this sequence is simply the sum of the two preceding terms and sequence continues infinitely. One of the remarkable characteristics of this numerical sequence is that each number is approximately 1.618 times greater than the preceding number.
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