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Greetings and Salad Dressing!
October Live Cattle has been steadily moving down this week. It held our
resistance price of 70.90 which was a pure Fibonacci ratio of past
movement.
When prices go down, they soon meet with support. As a matter of fact,
they meet with support each and every trading day. Yet sooner or later,
it finds support that will prevent a lower low than the previous day(s).
In 'anticipation' of such a support area, I submit the support value
listed in the Range calcs below marked 'LOOK!'.
Two separate ranges with nearly the same support price means that it
isn't a fly by night price. How long it holds is one thing though.
I would give this price level a berth of 69.75 to 69.85 for GP.
The calcs are below:
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TTC ver 2.3 - FIBONACCI RANGE LEVELS CALCULATOR
Last Close Price: ( 70.3) Range Prices: (70.05)-(70.95)
Top Extension Levels Within Range Levels Bottom Extension
Levels
71.4 70.95 69.8376
<----- LOOK!
71.2938 70.7376 69.7062
71.1624 70.6062 69.6
70.5
70.3938
70.2624
70.05
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TTC ver 2.3 - FIBONACCI RANGE LEVELS CALCULATOR
Last Close Price: ( 70.3) Range Prices: (69.35)-(71.45)
Top Extension Levels Within Range Levels Bottom Extension
Levels
72.5 71.45 68.8544
72.2522 70.9544 68.5478
71.9456 70.6478 68.3
70.4
70.1522
69.8456 <----- LOOK!
69.35
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cheers!
:)
rick
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