UNDERSTANDING SUPPORT AND RESISTANCE AS A BEGINNER( Part 5)
In this part of our lesson , I will be teaching about trend line support and resistance as one of the types .
Trend line support and resistance:
If you’ve read any classical chart patterns article, you’ll know that patterns will also act as barriers for price. In the example below, an ascending triangle keeps the price contained until the pattern breaks to the upside.
In the screenshot below ,Trendlines acting as support and resistance for the S&P 500.
You can use these patterns to your advantage and identify areas of support and resistance that coincide with trend lines. They can be especially useful if you manage to spot them early, before the pattern is fully developed.
More coming shortly !
So, wait for part 6 as I will be talking about Moving average support and resistance.
stay tuned .
Let's keep Learning and building together 💪