It’s a guide for planning, particularly when we see multiple levels overlap (intersect) at very similar levels.
At the moment, we’re seeing three short-term levels to watch:
- The $234.00 per share smaller overlap
- The wider $215.00 to $220.00 level (which can also be seen as the “Neckline” of a Head and Shoulders Pattern)
- The wider $195.00 to $200.00 level which is a possible downside target if price fails to break above $220.00 here.
Again, these are guideposts to target and locate stop-losses (beyond these levels).
Incorporate these overlapping Fibonacci Levels into your current analysis and indicator signals.
This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.