African Journal of
Business Management

  • Abbreviation: Afr. J. Bus. Manage.
  • Language: English
  • ISSN: 1993-8233
  • DOI: 10.5897/AJBM
  • Start Year: 2007
  • Published Articles: 4188

Full Length Research Paper

Can we apply Fibonacci retracement in the African market?

  Toshitsugu Otake* and Fall Fallou      
  Graduate School of Management, Ritsumeikan Asia Pacific University, 1-1 Jumonjibaru Beppu, Oita 874-8577 Japan.  
Email: [email protected]

  •  Accepted: 20 June 2013
  •  Published: 28 June 2013



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.