DIN - Fib retrace level corrected

30 Apr 2020

In the previous Idea chart for DIN stock , Fibonacci levels are wrongly drawn , they are corrected here.

1/ Let me explain why previously drawn FIB levels are Wrong .
2/ In previous DIN idea chart, Fib base 100% is taken as $17.88 which is MARCH 23 close price . This level may be true when somebody is looking for intermediate trade like 30 DAY period.

3/ But we are looking for SWING trade period which is like 2 to 5 DAYS. For this SWING period we have to take only RECENT BASE of the stock price which is 'April 16th' LOW price $28.55

4/ so by taking Fib 100% = $28.55 ( APRIL 16 Low price) , Fib 0% = $48.44 ( April 29 High price) , Fib retrace is redrawn

5/ for the new FIB retracement , 23% level (already met on April 30) , 38% level are shown