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What is the Fibonacci sequence?

A sequence of prime numbers

A sequence of numbers where each number is the sum of the two preceding ones

A sequence of numbers where each number is double the preceding one

A sequence of random numbers

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Who is credited with introducing Fibonacci numbers to the Western world?

Pythagoras

Isaac Newton

Leonardo Pisano Bogollo (Fibonacci)

Albert Einstein

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Approximately what is the Golden Ratio, often represented by the Greek letter Phi?

3.14159

1.618

2.718

0.618

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How are Fibonacci retracements used in stock market analysis?

To predict the exact future price of a stock

To identify potential levels of support and resistance

To determine the best time to buy or sell options

To calculate a company's intrinsic value

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What are the commonly used Fibonacci retracement levels?

25%, 50%, 75%

33.3%, 66.6%, 100%

23.6%, 38.2%, 61.8%

10%, 20%, 30%

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What is the first step in applying Fibonacci retracements to a stock chart?

Calculate the average trading volume

Identify the most recent significant peak and trough

Draw trendlines to identify support and resistance

Apply technical indicators like moving averages