Abstract

Forecasting was one of the most important issues facing companies. Technical analysis was the use of trends and charts to understand and analyze investors' behavior and their effect on subsequent price action of financial instruments when the trend is so clear or support and resistance levels obtained through Fibonacci ratios. The applicability of Fibonacci trading in the stock market for the western countries or Japan had been the center of intense debates for many years to predict future price. In this paper, we tried to check if there was any logic in the turning points patterns in the African market similar to in the western or Japanese market.

Key words: Fibonacci retracement, forecasting, technical analysis.