Fibonacci lines can be used to check support and resistances on a monthly, yearly

daily hourly and minutes chart as well depending upon the trade u want to get into.
We're going to start with the daily chart of Intel and draw our Fibonacci lines from the
low.
Established in July of 2017.
The high.
Established in June of 2008.
So on the left hand side
expected to go to the 50 percent line and that will become a support
line just as the thirty eight point two percent line became a support line and you had
a slight bounce
and now is trading around that support line right now.
So these are our expected retracement this Fibonacci lots.
So now let's take the same chart and go to a monthly range or do we place our
Fibonacci extensions on
this chart as well.
So I take the low set in January of 0 9.
So we go over to trend based Fibonacci extension click that puts our cursor on the
low or pull it up
to the high here like our cursor and then we're going to drag the bottom of the Banaji
extensions down
to the first retracement here and now we can predict where we'll run into resistance
if the stock continues
up that thirty eight point two percent which is around 60 for a 50 percent line which
is close to 70.
And then finally the sixty one point eight percent line which is around 75.
And if you'll know the 61 point eight percent line is also the high that the stock
reached in 2000 just
before the dot com crash.
So these lines even though we don't have current resistance points in the stock if it
continues to move
up these lines will give us projected resistance points that we need to be aware of
when we're trading.
So that's how the not two lines can give us retracement levels for a stock that's in a
bullish pattern