By Alex Douglas and MMS Singapore
Abstract / Introduction:
Everybody with exposure to the commentary of technical analysts has come across the name Fibonacci or its common abbreviation, Fibo. We hear of Fibonacci retracements, Fibonacci levels, Fibonacci targets and Fibonacci fans among others. These Fibonacci comments are often supplied with a number such as 0.382 or 0.618. We are told that Fibonacci can help to forecast support and/or resistance as well as to suggest potential target levels for existing trends.
Some analysts even use Fibonacci in efforts to calculate the timing of future market turning points.
So who is Fibonacci and how does he help with all these tasks?