@Bloke383 ,
There are many on this forum ( other threads ) who use Fibs theory and swear by them. I am not a fan or active practitioner but when I do apply those lines, they seem to have their use on multiple occasions 4me. Often, they work as possible points of extreme movement or turnaround for the stock but often as estimates, picking amongst which retrace is more the art. So a strong stock could reverse @38.2% or @50%. Throw in abit gap theory & some may start saying art of tea leaves lol.
I'm more for fundamental analysis events as markers for the SP and as motivation, eg. CR pts, director buy / sell points, and use previous supports, trends, trading channel and simple overbuy and oversold indicators as useful tools.
Havent charted this, so dont quote me on the fibs, but IF 23RD feb was the 61.8% fib retrace, that would be 15.5c ( as I was just chkg on this date on another post) and based on the current trading range should make a strong support pt. No signs of this yet but any stock that breaks 61.8% is usually in abit of strife and not a holder imho. Not BUD atm.
