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Hooka

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Hooka

Re: None

Wednesday, 09/02/2015 9:03:10 AM

Wednesday, September 02, 2015 9:03:10 AM

Post# of 8163
Methods to Establish Support and Resistance?

Support and resistance are like mirror images and have many common characteristics.



Highs and Lows

Support can be established with the previous reaction lows. Resistance can be established by using the previous reaction highs.

The above chart for Halliburton (HAL) shows a large trading range between Dec-99 and Mar-00. Support was established with the October low around 33. In December, the stock returned to support in the mid-thirties and formed a low around 34. Finally, in February the stock again returned to the support scene and formed a low around 33 1/2.

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