It's not common to use numbers from the actual Fibonacci sequence as support/resistance, but I use them in the absence of strong technical supports/resistance on the way up or down.
I particularly like it when they match with other technical cluster points.
ie you hear the term 'blue sky' sky a lot - but there is always going to be price resistance points even in the absence of common technical resistance levels, so I use round numbers and Fibonacci numbers.
Ideally they match with other technical cluster points, for example recently with the LYC retrace to 55.5c.
DRK Price at posting:
7.5¢ Sentiment: Buy Disclosure: Held
