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Browsing: fibonacci levels
One of the fascinating things about financial markets is the underlying harmony in price action. Once you spot a trend developing, it is often useful to measure how far a move travelled, and be alert for a swing of similar distance in the next leg of the move. Take a look at the Nasdaq charts here, and you will see what I mean.
You might be wondering if Colgate Palmolive is preparing for a strong move higher. The weekly charts show that the stock has reached its Elliot Wave targets (a 3-wave correction that also complies with some Fibonacci projections). The daily charts show higher bottoms, and a period of consolidation with the stock tantalizingly poised near the upper boundary
Thanks to some tough cost-cutting measures implemented by CEO Mark Hurd, Hewlett-Packard Company (NYSE:HPQ) is in a position to give out strong 4Q outlook. This has sent the stock price sharply higher yesterday, up over 14%. I invite you to take a look at the accompanying chart.