Regions Financial Bounces off 200-day SMA

Regions Financial (RF) is showing signs of life with a high-volume bounce off the 200-day simple moving average and a key retracement. Notice that the Sep-Nov decline retraced a Fibonacci 62% of the Jul-Sep advance. The stock firmed around 4.75 in early November and surged over the last three days. 

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Comments

[Walter Mundell]

Mr.Hill, Is it correct to use Fibonacci retracements with a log scale? Thanks W.

Art's Answer: Yes. A 50% retracement is the same on both arithmetic and log charts.