Fibonacci Retracements and Commodities

Klewtar

Well-Known Member
#1
I shall dedicate this thread to Fibonacci retracements in the commodities market.

I'm still learning technical analysis and I hope this thread receive advice from more seasoned traders.

It seems that Maize has started rebounding after reaching the 50% retracement level yesterday:


On 60 minute charts (daily chart prices aren't that accurate on trade tiger,) you can see that it is the second time that price has retraced from the 50% level (the previous chart's 50% level is 0% on the chart below: )


Here is the next Fibonacci retracement image. I thought that price would hit resistance at the 61.8% level:
 
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Klewtar

Well-Known Member
#2
I'm still learning the ropes.

Here is a chart that shows the Fibonacci had the potential to estimate the resistance of the Maize price rise. Fibonacci level of 261.8% had price at ~ 1639 (for some reason an extra 2.88 rupees is added at the 100% level onwards) and price reached 1640 rupees on September contracts.



It seems that if price opens up beyond a retracement of 61.8% (from 0 to 61.8,) it has a strong chance of reaching 161.8%?
 
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praveen taneja

Well-Known Member
#4
Bro is this thread is for NCDEX or MCX I am agri commodities or Base metals and precisious metals also????????
 

Klewtar

Well-Known Member
#5
@Jiju, I will try what I can to explain fibonacci retracements. Can start understanding it by reading about it on google searches.

@Praveen, the thread can be for any commodity.

Here's Gold reaching nearly 423% on a retracement last year:

I think gold did reach that high of $1943 but the data on the chart is not completely accurate. Trade Tiger has terrible daily chart data for gold so I used Meta Trader.

It would be nice to have an accurate, daily chart of spot prices to use fibonacci retracements on. Using fibonacci retracements on charts of contracts don't really work when contracts only really show 3-6 months of past data and even that is not always accurate.
 
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murthyavr

Well-Known Member
#6
If you want the analysis to be perfect, nothing like doing it on MT4 as it is the complete
data.

However, if you want it to be done on indian prices, you can maintain a database
of eod data of all mcx scrips free of cost. One such good utility to download
eod data of mcx scrips is Data Downloader.

Hope this helps.
 

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