experts recommend buying or selling of any scrip based on its support and resistance levels.I would like to know how this levels are arrived at?
2007-12-01 02:47:41 · 3 answers · asked by shankar v 2 in Business & Finance ➔ Investing
The support level of any chart is derived from all the low points of the price chart that are connected and drawn in a straight line.
When there are more than 3 low points that touches the support line, then the support line is confirm to be a strong support. But then and again this is not the only way to determine the support of a stock price.
You will also need to confirm with the volume, candlestick signal and other indicators like MACD, moving averages, Stochastic and etc.
There are numerous time frame you must take into consideration. The most precise will be daily and sometimes weekly chart. As for the hourly and minute chart, it's use are quite limited.
For Resistance, the reverse applies. It means the high points will be taken into consideration.
2007-12-01 03:21:11 · answer #1 · answered by Alfred Chew 2 · 0⤊ 0⤋
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