Drawing imaginary lines on a chart that connect the lows and highs of a stock price is one approach to locate support and resistance levels. These lines can be drawn in either a horizontal or diagonal direction. Importantly, the levels of support and resistance are estimations, not specific values.
When a resistance or support level is broken, the role of that level is flipped, according to technical analysis. When the price drops below a support level, it becomes resistance. When a price rises above a resistance level, it is frequently converted to support.
Technical analysis is a strategy that uses charts and indicators to forecast the future price movement of an asset, commodity or financial instrument.
Traders use support and resistance levels to find the best entry point for their trades.
There are three types of support and resistance:
Moving averages
Fibonacci retracements
Bollinger bands
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