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Support and resistance levels are important concepts in technical analysis, which is used by traders to identify potential price reversal points. Support is the price level at which demand is seen as strong enough to prevent the price from declining further. Resistance is the price level at which selling pressure is seen as strong enough to prevent the price from rising further. Support and resistance levels are considered important in technical analysis because they indicate potential reversal points and can be used to identify entry and exit points in a trade. They are also used to help traders identify areas of potential trend reversal. By paying attention to support and resistance levels, traders can gain an understanding of the market’s current sentiment. Read more https://bit.ly/3O4JLBe
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