Support and resistance levels

#2
In the chart.:D
A support level is a price level where the price tends to find support as it is going down. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely to continue dropping until it finds another support level.
A resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely that it will continue rising until it finds another resistance level.
 
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#3
thank you
but i do know these basics

but what i wanted to know is if there are any webbased programmes that give these levels

or any web based charts that show these levels

icharts is showing some levels which seem to me like supports and resistances

any web charts showing these levels like techindicator.com
 

AW10

Well-Known Member
#6
There are many people who calculate the support /resistance level based on floor trader pivot point calculato and publish R1/ R2/ S1 /S2 and daily pivot level.
But these levels are not where price has really found the support /resistence and chart is showing u the turning point of the price.

So know the background info about the levels that u get free from internet before risking your money on it.

If you can read the chart, then it is quite easy to see these levels on the chart... Simply put - the point where price has taken a turn, is an important level.
If current price is above any of this level the it is support and if CMP is below this level then it is resistence.

I give more weightage to the level which has not been touched by the price so far since it was formed as turning point. i.e. if you see the chart from Right to left, then the turning points that u encounter first are
more important then that comes later towards the left side of the chart. My belief is that current levels are fresh in the memory of many participants.

Happy Trading
 

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