This screen finds stocks that pulled back to the 38.2% Fibonacci retracement level of the prior advance and then reversed up. 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 bounce from 38.2%, a moderate retracement and the first major Fibonacci level, confirms the level as support and often signals that the uptrend is resuming.
