Raffles Education Channels and Fibonacci Retracements

7 Jan 2010
Shooting star halted by 50% Fibonacci retracement

13 Jan - 20 Jan 2010
Hovering near 61.8% Fibonacci retracement

2 Feb 2010
Upswing cut short by red channel resistance

5 Feb - 9 Feb 2010
Fall halted by green support channel and resisted by 78.6% Fibonacci retracement

10 Feb 2010
Shooting star halted by light blue support turned resistance zone

11 Feb 2010 1055AM
Doji indecisive candlestick warning of probable pullback. Immediate support is pink support zone next support is gap zone at 36 to 35. Further weakness will retest green support channel.

Immediate resistance is the light blue zone and the red channel followed by the 61.8% Fibonacci retracement. Clearing the peak formed by the shooting star on 7 Jan 2010 will signal a high probability of a major change in direction from down to up.