How to Read Weekly Charts
We have drawn ascending and descending channels and Fibonacci retracement levels on significant ranges. The 50% is considered a pivot area and the 38.2% and the 61.8% may be support or resistance depending on the direction of the move. Penetration of either one of these levels may suggest a re-test of highs or lows of the range in question and if there is a breakout of highs or breakdown of lows, look for the next Fibonacci extension level for support/resistance.
Watch the tracking window on the left for MA’s levels . The 5-week EMA as the closest support/resistance level and the 30-week EMA as a buy/sell.
DNDN | Weekly Chart | During July 1st Trading Session
IDCC | Weekly Chart | During July 1st Trading Session