NRCP - Fibonacci retracement an explanation

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NRCP = 2.85 (1.8%)

NRCP formed a white candle with higher high and higher low and significant increase in volume since 3 October 2007. Bullish.

NRCP might have found the bottom of its downtrend. NRCP must head back up more than 61.8% so that this recent rise in prices is not merely a correction of the downtrend.

Said bottom might be considered a support level for NRCP.

I hope NRCP continues to trend upwards.

Using Fibonacci Retracements: one of the uses of fibonacci retracements is measuring the health of a pull back. Its seems vague. Let's use NRCP as an example: NRCP came from a recent high of 3.75/3.8 and trended downwards to hopefully produce a bottom at 2.75. If NRCP is to go down further it needs to pull back only until the 38.2% level for the pull back to be healthy and for NRCP to continue trending lower. If the pull back achieves more than 50% the pull back is not healthy. There can be a possible reversal that has formed or an area pattern could be forming. So for us traders of NRCP who would like to see NRCP head upwards, NRCP should have a very unhealthy pull back from the downtrend so that the down trend will not continue.

Resistance: 3.2
Support: 2.7

Good luck to all NRCP traders!
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