Is SNGP going to touch 19.00? - A case for Fibonacci | Matter of Worry.

 SNGP -  A typical case for Fibonacci | SNGP Matter of Worry.

We were not expecting this behavior of SNGP. A big danger is ahead of 19. We are praying that it must reverse from current levels which are of 161% of Fibonacci downward extension. Today it has breached its support level of 33.38. It has touched 6 times to its support. If tomorrow it further goes down then I am seeing its level of 19 or 20 GOD forbid. Let's pray it must reverse from here.

Now something about Fibonacci!

Fibonacci is a beautiful tool that helps us to determine the movement of stock I have drawn Fibonacci from the top of 56.60 to the lower level of 42.25. It reversed from 42.25 to 47.73. 47.73 was its 61% of Fibonacci, from there it starts declining and to touch again level of 42.25, that becomes its support level. SNGP has breached its support level of 42.25 many times and then finally it slipped off, taking nose dive to 161% of Fibonacci at 33.38. It stayed at 33.38 for a few days and Finally it has breached its current support today, Sign of danger, it may take a new nose dive to 20. GOD forbid.

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