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wgdt72

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21/07/19

23:06

Post #: 39622585
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Originally posted by sreeve ↑

Yes, I mostly use weekly charts to get a clearer view of the long-term trends. Daily charts often have more 'noise' and can be harder to see the clear Resistance/Support lines.

A Resistance line becomes a Support line when it is breached/closed over. This does not mean that the new Support line will act as Support. If a Support line is say 10c, its not an exact 10c-point, 10c Support referes to that 'general area'. eg. AMG hovered around 10 cents for 4-5 wks in June (and went below 10c a few times), before lifting higher. Previously 10c was Resistance in Nov 2017.

Support/Resistance are drawn where there is the most points hit. So on the early AMG charts (top of thread), 8 cents and 5.9 cents were clear Support/Resistance zones. Another example, the recent chart, the trading from April to June is a clear downward channel (top line being a Trending Resistance and bottom being Trending Support).

Charting does not provide a crystal ball into the future, but you'd be surprised how often the same major long-term trend lines are hit 6 or 12 months down the track and act as Resistance/Support lines again. I have many examples on my twitter a/c. GOR/EVN charts are good recent examples I have on there, where the LT channel trend lines kept getting hit.

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AMG Price at posting: 15.5¢ Sentiment: None Disclosure: Held
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