identifying key areas of Support and Resistance
Support
Support is the price level at which demand is thought to be strong enough to prevent the price from declining further. The logic dictates that as the price declines towards support and gets cheaper, buyers become more inclined to buy, while sellers become less inclined to sell. Identically, when the price reaches these support levels, it tends to rise because there is more buying pressure than selling pressure.
Resistance
Resistance is the opposite; it's the price level at which selling pressure is strong enough to prevent the price from rising further. As the price rises towards resistance, sellers become more likely to sell and buyers become less inclined to buy. When the price hits these resistance levels, it struggles to rise further because the selling pressure exceeds the buying pressure.
Support is the price level at which demand is thought to be strong enough to prevent the price from declining further. The logic dictates that as the price declines towards support and gets cheaper, buyers become more inclined to buy, while sellers become less inclined to sell. Identically, when the price reaches these support levels, it tends to rise because there is more buying pressure than selling pressure.
Resistance
Resistance is the opposite; it's the price level at which selling pressure is strong enough to prevent the price from rising further. As the price rises towards resistance, sellers become more likely to sell and buyers become less inclined to buy. When the price hits these resistance levels, it struggles to rise further because the selling pressure exceeds the buying pressure.
Penafian
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