Opening price as technical support resistance: observing price action
Visual evidence that opening price level makes good technical support resistance
The following are daily charts: By observing price action (following days) at the opening price of each month (black horizontal line) we can see evidence that price reacts to those levels. Being technical support resistance does not mean that those levels will not be penetrated. It is likely that they WILL BE violated by intraday trading. However when price crosses the open price and back again, it demonstrates what price does exactly when it meets a technical level. See price turn this way and that because of technical support resistance by opening price (follow black arrow).