Powergrid 234 was a breakout
As per technical analysis , 234 was a breakout and it was covering perfect trendling to give a expected breakout. you can use the fibonacci retracement for this type of chart to get the levels. Breakout also have some resistance in above level which can also be trace from fibonacci. Fibonacci is math term which is a series of number created by doing same action between next number n previous ans
0 1 1 2 3 5 8 13 .....
in above series by adding two number we are getting next number .... in fibonaci retracement we get levels by dividing above fibonacci series
0/1 = 0
1/1 = 1
1/2 = 0.5
2/3 = 0.618 ...
Please like my this tutorial so I can bring more tutorials like this
0 1 1 2 3 5 8 13 .....
in above series by adding two number we are getting next number .... in fibonaci retracement we get levels by dividing above fibonacci series
0/1 = 0
1/1 = 1
1/2 = 0.5
2/3 = 0.618 ...
Please like my this tutorial so I can bring more tutorials like this
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