free support / resistance levels
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Support and resistance are among the most important technical analysis elements when trading. At www.champion-trader.com we say that support is a zone at which a security is likely to stop falling, at least temporarily, and resistance is a zone at which price is likely to stop rising. Trading support and resistance are not precise lines on the chart, but 'zones' within which the market action intensifies.
Support and resistance are essentially price bands where the price will probably stop falling or rising respectively.
Support is defined as a price level below which it is supposedly difficult for a security or market to fall. That is, the price level at which a security tends to stop falling because there is more demand than supply can be identified on a technical basis by seeing where the security has bottomed in the past.
Resistance is defined by analysts at www.champion-trader.com as a price level above which it is supposedly difficult for a security or market to rise. Price ceiling at which technical analysts note persistent selling of a commodity or security . Opposite of support level.
Because of their widespread use in all financial markets, trading support and resistance are usually the best indicators for day trading. Many of the most successful day traders learn how to calculate and use support and resistance exclusively in trading. Support and resistance levels can be applied in any timeframe, and you can often see a long term chart displaying obvious areas beyond which price seems reluctant to venture.
The FREE support and resistance charts at www.champion-trader.com are daily charts, the most important timeframe for most traders. If you can identify the support and resistance levels on a chart while trading, you can figure out where to jump in with the entire weight of the market behind you, should that price be broken.
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