Support and resistance levels play a crucial role in trading from "summary" of Charting and Technical Analysis by Fred McAllen
Support and resistance levels are key components of technical analysis that are essential to understanding market dynamics and making informed trading decisions. These levels represent points on a chart where the price of an asset has historically struggled to move beyond (resistance) or has found support (support). Support and resistance levels are significant because they can help traders identify potential entry and exit points for their trades. When the price of an asset approaches a support level, it is likely to bounce off that level and move higher, creating an opportunity for traders to buy into the asset. Conversely, when the price approaches a resistance level, it is likely to reverse course and move lower, presenting an opportunity for traders to sell their positions.
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