🔹Support & Resistance
What are Support & Resistance?
Support is the price level at which demand is thought to be strong enough to prevent the price from declining further.
Support is the price level at which demand is thought to be strong enough to prevent the price from declining further.
How do they matter?
They identify high probability bound key decision zones for a bounce or break
When they break it indicates a further big move or change in trend.
It's good to avoid trading into the support and resistance levels, they can be used for targets and also stop loss
Once broken the broken support level can act as a resistance level and vice versa
Types of Support and Resistance
Trend Swing highs and lows
A cluster of highs/lows where prices consolidated
As per wave patterns
In wave patterns, 4th wave swing low can provide support
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