AKAM Hits Fibonacci Cluster Zone

Arthur Hill
by Arthur Hill,
Chief Technical Strategist, TrendInvestorPro.com

The Fibonacci Retracements Tool can be used to identify Fibonacci levels to estimate support, resistance or turning points. When there is more than one advance, chartists can apply this tool to both moves and look for a cluster zone. The chart for Akamai shows the Fibonacci Retracements Tool extending from the November 2008 low and from the July 2009 low. The 61.8% retracements cluster in the 26.68 to 30.75 area to mark potential support.

100712akam


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Arthur Hill
About The Author:

Arthur is the Chief Technical Strategist at TrendInvestorPro. Focused primarily on US equities and ETFs, his systematic approach of identifying trend, finding signals within and setting key price levels has made him an industry-leading technician. Learn More 

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