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A support level is a price point where the market price pivots and changes direction. They are formed when you can draw a horizontal line between two or more price pivot points.
The support level is the lowest price that a equity trades at, over a period of time. The more frequently a support level is tested (i.e. hits a previous support level pivot point but does not fall below it), the stronger the support at that level. Some traders believe that the stronger the support at a given level, the less likely it is to break below that level in the future. It is said that if an Equity breaks prior levels of support only by a small portion, it will drop sharply until a new level of support is reached.
A support level can become a resistance level if the price of the market falls below the support level; similarly a resistance level can become a support level if the price of the market rises above the support level as illustrated in the following price chart example:
If the price is moving between support and resistance levels, then a basic investment strategy commonly used by traders, is to buy a stock at support and sell at resistance, then short at resistance and cover the short at support as per the following example:
When judging entry and exit investment investment timing using support or resistance levels it is important to choose a chart based on a price interval period that aligns with your trading strategy time frame. Short term traders tend to use charts based on interval periods, such as 1 minute (i.e. the price of the market is plotted on the chart every 1 minute), with longer term traders using price charts based on hourly, daily, weekly or monthly interval periods.
For help on how to use the timetotrade support levels chart drawing tools click here.
To learn more about the timetotrade charts and alerts:
- Free Stock & Forex Charts
- Drawing Support & Resistance Levels
- Draw Trend Lines
- Create Trading Alert
- Multi-Condition Alerts
- Technical Analysis Alerts
Want to create a custom indicator, alert or trading strategy, but don't know how? No problem - post a question on the forum or contact us. Go to the Ask A Question section on the timetotrade forum to see the type of alerts that timetotrade users are creating:
- Pausing Alerts when Price Breaks out of a Trend
- Trend Line Alert Management
- EURUSD Trend Line Trading Strategy
- USDJPY Trend Line Trading Strategy
- AUDUSD Trend Line Trading Strategy
- NZDUSD Trend Line Trading Strategy
- GBPUSD Trend Line Trading Strategy
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