On the way down, a resistance level is (often hopefully) called a support level.
There is much more important resistance at 8, 000 to 8, 098, which is the 78.6% resistance level.
Technical analysts would call 1, 000 a resistance level for the Dow in the late 1970s.
The correction will not violate the key 61.8% support or resistance level before the market again reverses direction.
And on the way down, a resistance level is--often hopefully--called a support level.
For now the near-term resistance level still looks fairly strong in the zone indicated last week between 1.2780 and 1.2800.
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After a 10, 000-point slide, the rebound was quite sharp, and the 38.2% resistance level at 31, 722 was exceeded by early May.
The rally in the Market Vectors Semiconductor ETF ( SMH) appears to have stalled for now at the 61.8% retracement resistance level.
The next micro resistance level is 1391, then there is a bigger resistance zone at 1403-1408 that the bears might try to defend.
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These divergences then must be confirmed by a move in the RSI below a significant support level or above a key resistance level.
To trade this opinion, you can place a stop-buy order a few pips above the resistance level so that you can trade the potential upside breakout.
Using the correction from the April highs to the July lows, the 127.2% retracement resistance level at 289 has been exceeded with the 161.8% target at 307.51.
Once the 50% retracement resistance level was first reached on May 2, the focus was clearly on the short side as a broader flag formation (lines a and c) was then evident.
You can then place a limit-sell order a few pips below that resistance level so that your short order will be filled when the market moves up to that specified price or higher.
The second guideline is that the greater the number of points that can be used to identify an important support or resistance level, the more likely it is that prices will respect that level.
It has now pulled back from that potential resistance level, and in the process it broke below the previous support at its 21-day moving average for the first time since the rally began in early September.
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By the way, for you fib followers, 1.4860 is not only the resistance level from June 16 and the support level from June 25, it is also the 61.8% retracement of the move up from June 22 to June 28.
From April through mid-June, the equity entered a sideways trading range between support at the 33.5 level and resistance at the 37 level.
If the continental currency can regain the upward momentum next week the first level of resistance looks to exist near the 1.3000 level.
For today, I am leaving my support and resistance levels basically unchanged with the first level of potential resistance in the zone of 1.3100 to 1.3110 with initial support somewhere near 1.2840 to 1.2850.
Furthermore, the stock's recent rebound from support near the 13 level appears to have stalled at short-term resistance at the 18 level, which happens to be inhabited by SNDK's declining 10-week moving average.
Students of Fibonacci analysis know that it is typically the violation of the 61.8% resistance or support level that confirms a rally is over.
There are any number of reasons why an army of bankers, bureaucrats, consultants and analysts failed to foresee the strength of the ground-level resistance to the Gresik sale.
Motherwell boss Craig Brown also predicted resistance from boardroom level.
From the May-June highs, you were able to identify a good level of resistance, line c.
This now represents the first level of resistance, and it has been tested early Wednesday.
The insurance index is now trading at multi-year lows, as it battles overhead resistance at the 150 level.
Furthermore, the shares have recently bested potentially staunch resistance at the 42 level.
The long-term downtrend from the 2000 highs is now at 4.41%, which is now the major level of resistance.
The longer-term downtrend (line f) was overcome in June, so the June high is an important level of resistance to watch.
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