Share prices have taken a massive fall and now approaching 78.60 Fibonacci retracement level, which is around 24.59/23.80, a critical point that could see prices bounce back and head back up. The ideal buying situation is to wait for prices to get back into the price channel at 25.88.
My automated support and resistance indicator generated the support and resistance level on the chart, highlighting past, current, and predicting future levels. The Indicator will be released to the public soon, let me know if you want to be the first lot to get your hand on this brilliant Indicator.
Thanks. I see how you get the 25.88 but can you please tell me how the channels are created/calculated? Thanks
Rotuma
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@MenziesTate, Are you referring to the horizontal lines?
If so, it is based purely on price action. The indicator looks back at the data, selects certain areas based on a set of criteria, and predicts places where prices could potentially find support and resistance in future trades.
MenziesTate
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@Rotuma, Thanks for your answer. No I was actually thinking about the diagonal lines. Are you using Trading View charts to generate this info? Thanks