F5 Networks (FFIV), A Perfect Fibonacci Setup

If you have followed me trades for more than a day you know that I like to use Fibonacci retracements as one of the measurement tools for entry and profit targets.  One of the stocks I have pointed this out repeatedly on over the past two months was F5 Networks (FFIV).  After a large drop on January 20 the stock retraced 61.8% of that large move lower, which also coincided with the 50 day moving average as resistance; a great setup to go short.  As profit targets I like to use the -23.6% Fibonacci level, which as you can see is exactly where the price moved to yesterday after briefly stalling at the 200 day moving average.

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