Jeramy Kennedy
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Support and resistance are used by technical analysts to identify price point on a chart.
They show the probabilities that favor a pause or reversal of a trend. Support occurs when a downtrend can be expected to pause due to a concentration of demand or buying interest. When the price drops, demand increases, which form the support line. On the contrary, resistance appears where increase of price is halted by growing numbers of sellers wishing to sell at this price. Support forms the price floor while resistance establishes the ceiling.
As shown in the picture below, I try to draw the support and resistance line. The upper line represents the resistance one and the counterpart is the support one. If there is any mistake, please correct
They show the probabilities that favor a pause or reversal of a trend. Support occurs when a downtrend can be expected to pause due to a concentration of demand or buying interest. When the price drops, demand increases, which form the support line. On the contrary, resistance appears where increase of price is halted by growing numbers of sellers wishing to sell at this price. Support forms the price floor while resistance establishes the ceiling.
As shown in the picture below, I try to draw the support and resistance line. The upper line represents 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 drawn considered a trend channel.
Looks to be a downtrend as the lines are downward sloping. If price continues to stay within that box it’s very easy to see that it’s moving downward
Support and resistance are straight lines on a chart that flow your explanation.
Price will have a difficult time breaking through resistance, and also a difficult time going below support , if your lines are drawn well and market conditions are normal ,( no rona, no earnings , no news) they work very well
Here’s a tip, use a 5 day 5min chart to find support and resistance levels. Draw a line across the charge and see how many times price has touched 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