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	<title>Planet Wealth - Australian Stock Market Education &#187; Fibonacci retracement </title>
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		<title>Fibonacci retracement</title>
		<link>http://planetwealthblog.com.au/fibonacci-retracement/</link>
		<comments>http://planetwealthblog.com.au/fibonacci-retracement/#comments</comments>
		<pubDate>Fri, 19 Dec 2008 10:31:05 +0000</pubDate>
		<dc:creator>Planet Wealth</dc:creator>
				<category><![CDATA[Technical Analysis]]></category>
		<category><![CDATA[Andrew Dimitri]]></category>
		<category><![CDATA[asx]]></category>
		<category><![CDATA[BLD]]></category>
		<category><![CDATA[charting]]></category>
		<category><![CDATA[Fibonacci]]></category>
		<category><![CDATA[Head and Shoulders]]></category>
		<category><![CDATA[planet wealth]]></category>
		<category><![CDATA[planet wealth blog]]></category>

		<guid isPermaLink="false">http://planetwealthblog.com.au/?p=206</guid>
		<description><![CDATA[When Looking at a stock long term, there is usually several  patterns and analysis tools in play at once. BLD over the long term has had several in play. From 2004 August 2007 on the weekly chart, a large Head and Shoulders (H&#38;S) pattern formed. In October 2007 the pattern was confirmed with a breakout [...]]]></description>
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			<a href="http://api.tweetmeme.com/share?url=http%3A%2F%2Fplanetwealthblog.com.au%2Ffibonacci-retracement%2F"><br />
				<img src="http://api.tweetmeme.com/imagebutton.gif?url=http%3A%2F%2Fplanetwealthblog.com.au%2Ffibonacci-retracement%2F&amp;style=normal" height="61" width="50" title="Fibonacci retracement " alt=" Fibonacci retracement " /><br />
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<p class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;">When Looking at a stock long term, there is usually several<span style="mso-spacerun: yes;">  </span>patterns and analysis tools in play at once. BLD over the long term has had several in play.</span></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;">From 2004 August 2007 on the weekly chart, a large Head and Shoulders (H&amp;S) pattern formed. In October 2007 the pattern was confirmed with a breakout and a target of above $3.50 to be reached. BLD reached the target after a sharp fall in October 2008 to mid November 2008.<span style="mso-spacerun: yes;">  </span>This H&amp;S target is also an area of strong support.</span></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;">After hitting the support the BLD has started to bounce back. When the Fibonacci tool is used the 50% retracement at $5.00 is on another area of strong resistance. It is possible that this could be the next level the stock will reach before changing direction again.</span></span></p>
<p class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;">(click on image to enlarge)</span></span></p>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;"> </p>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;"><a href="http://PostURL"><img class="aligncenter size-medium wp-image-207" title="181208_bld" src="http://planetwealthblog.com.au/wp-content/uploads/2008/12/181208_bld-300x210.jpg" alt="181208 bld 300x210 Fibonacci retracement " width="300" height="210" /></a></span></span></div>
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<div><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;"><span lang="EN-AU"><span style="font-size: small; font-family: Calibri;"><span style="font-size: x-small;">Go to </span><a onclick="pageTracker._trackPageview('/outbound/article/www.planetwealthtradingroom.com');" href="http://www.planetwealthtradingroom.com/"><strong><span style="font-size: x-small; color: #5e8a14;">http://www.planetwealthtradingroom.com</span></strong></a><span style="font-size: x-small;"> for a live trading room</span></span></span></span></span></div>
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