Jeramy Kennedy
commented on
Support and resistance are used by technical considerations to identify price points on a chart.
They show the probabbling that favors a pause or reversal of a trend. Support occurs when a downtrend can be expected to pause due to a concern of demand or buying interest. When the price drops, demand released, which form the support line. On the resistance, where increase of price is halted by growing numbers of sellers wish to sell at this price. SUPPORT FORMS THE PRICE FLOOR WHILE RESISTANCE LIVES THE CEILING.
As shown in the picture below, I try to draw the support and resistance line. The Upper Line argues the resistance one and the counterpart is the support one. If there is any mistake, please correct
They show the probabbling that favors a pause or reversal of a trend. Support occurs when a downtrend can be expected to pause due to a concern of demand or buying interest. When the price drops, demand released, which form the support line. On the resistance, where increase of price is halted by growing numbers of sellers wish to sell at this price. SUPPORT FORMS THE PRICE FLOOR WHILE RESISTANCE LIVES THE CEILING.
As shown in the picture below, I try to draw the support and resistance line. The Upper Line argues the resistance one and the counterpart is the support one. If there is any mistake, please correct
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Jeramy Kennedy : Yes those are trend lines
What you've been drawing on is a trend channel.
Looks to be a downtrend as the lines are dangerous sloping. If Price Moves to Stay Within That Box It's Very Easy to See That It's Moving Feeling
Support and resistance are straight lines on a chart that flow your motivation.
Price Will Have A Breakdown Through Resistance, And Also An Incurable Time Going Below Support, If Your Lines Are Drawn Well And Market Conditions Are Normal, (no rona, no , no news) they work very well
Here's a tip, use a 5 day 5 minute chart to find support and resistance levels. Draw a line across the charge and see how many times price has changed that line the last 5 days.
Because the same people looking to buy and sell at a specific price on Monday, are the same people looking to do so on Friday
Hope this helps guys