Support and Resistance Types

Support and Resistance Types

Support and Resistance Types

1. Candle closing above the previous candle with increasing volume forms support.

 

2. Candle closing below the previous candle with increasing volume forms a resistance.

3. Volatility Support

Two red candles followed by two green candles form a support and two green candles followed by two red candles form a resistance.

4. Open Price Resistance

Scanner Link:

https://chartink.com/screener/open-price-resistance-1-1

When price rejects from the previous day’s high and closes below the previous day’s high, the previous day’s high acts as a resistance. Open and close should be below the previous day’s high. This levels can acts as a support and resistance.

5. Open Price Support

When price rejects from the previous day’s low and closes above the previous day’s low, the previous low high acts as support. Open and close should be below the previous day’s high. These levels can act as support and resistance.

Scanner Link:

https://chartink.com/screener/open-price-support-1

6. Monthly high low as a support and resistance.

Monthly levels are very important levels and we can use them as support and resistance.

 

7. Quarterly High Low as Support and Resistance.

Very important levels. We must consider these levels in our trading.

Quarters: (JAN FEB MAR), (APR MAY JUN), (JUL AUG SEP), (OCT NOV DEC).

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