if they are ABOVE your price they are RESISTANCE. People will tend to SELL there.
if they are BELOW your price they are SUPPORT. People will tend to BUY there.
I use Daily chart as it is easier to see and explain because 60min or 10min have many more places to see. Read it first.
But because Friday is nearly upon us and i do not expect great extreme on Friday, i gave a 60min chart for you to see the coming Peaks and Troughs. An important Peak of resistance was the most recent high. We are in a support area right see a Peak to our right. Then there are various Troughs below us which because they are below us they are support as it the overall highly congested area (if one was to say where the congested areas support was they would pick their view of its center price.
So if you looked only at 60 min chart shown below you would see only latitude of going between 1252 and 1222.
for an exercise, you list all the support levels you see on the Daily chart and i will write a general answer tomorrow.
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