Technical analysts climbed aboard and ranted their mumbo jumbo about moving average breakdowns, Fibonacci retracements, waves and cycles and on and on.
To successfully trade retracements, you need to have patience and there are several technical tools that can help you identify in advance potential buying or selling zones.
In this article, I will concentrate on the more pronounced retracements, but one should note that after the initial upside spurt in HES, it dropped back to the minor 61.8% support.