See an example in the chart of Bank of America (BAC)
By Elliott Wave International
You’ve probably heard the terms “support” and “resistance.” Common technical analysis terms, they are price points on a chart that can help determine when a move will pause, or even stop and reverse.
There are many different ways to identify support and resistance on your charts. In this 6-minute lesson, the editor of our Trader’s Classroom education service, Jeffrey Kennedy, shows you one of the easiest and most effective methods (example: Bank of America, NYSE: BAC).
(Note: Click on square icon on bottom left corner of video to enlarge to full screen; video might not work on some mobile devices.)
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This article was syndicated by Elliott Wave International and was originally published under the headline How to Easily ID Support and Resistance on Your Charts. EWI is the world’s largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.
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