This screen finds stocks that rallied to the 38.2% Fibonacci retracement level of the prior decline and then reversed down. Fibonacci retracement levels, 23.6%, 38.2%, 50%, 61.8% and 78.6%, are drawn between a swing low and a swing high and mark where a pullback often pauses or reverses. A rejection at 38.2%, a moderate retracement and the first major Fibonacci level, confirms the level as resistance and often signals that the downtrend is resuming.
