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11/29/2007 Archived Entry: "Retracements were resistance are now support?"
Michael wrote:
> I was wondering if Fib retracements act like regular support and resistance levels.
>
> If price moves thru a fib retracement will that retracement level now act as support instead of resistance (bullish up move)?
>
> Thank you,
> Michael Hello Michael, The retracements (Fibonacci Levels) do not automatically reverse their function. However, you will often find other Fib levels, measure from the opposing direction which will cause the behavior as you describe. -Neal.
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