Saturday, December 19, 2009

Raffles Education Fibonacci Retracement Play



23rd Jun 2009 - Rebounced off 38.2% support

2nd July 2009 - Stop at 23.6% resistance

20th 21st 24th Aug 2009 - Took 3 days to breakdown 23.6% support with a gap

20th Oct 2009 - Stop at 38.6% resistance

5th to 13th Nov 2009 - 61.8% support tested and rebounced

17th 18th Nov 2009 - Stop at 50% resistance

25th Nov to 11th Dec 2009 - Testing 61.8% support repeatedly until it broke down on 14th Dec 2009

Next play down towards 78.6% support at 35 cents or perhaps a rebounce from lower green channel line ?

Immediate support is light blue zone

Next support is orange zone around 30 cents

Immediate resistance is upper green channel line

Next resistance is pink zone

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