HORIZONTAL SUPPORT / RESISTANCE

Horizontal support / resistance lines are formed when a stock touches and bounces at, or very near, the same price level. As with drawing any trendlines and support/resistance lines, it is not a perfect science. If it’s close, it counts. Look for volume spikes on the candles where it hits support or resistance for extra verification. And understand that at some point the support/resistance will fail to hold and the stock will move through it. It may at some point come back to retest the support/resistance level and this becomes another great place to enter a trade. 

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