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📚 Price Action: How to draw support and resistance lines based on candlestick pattern Part 1

3,456 views · Published 9 August 2018 · 27:52 · Indexed 8 November 2026

Channel: BO Turbo Trader · 2018 · Education

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Indicators: 
EMA 3     (blue)
EMA 20   (yellow)
EMA 50   (orange)
EMA 100 (red)
EMA 200 (purple)

Bollinger Band Period 20 Deviation 2 (green)
Bollinger Band Period 20 Deviation 1 (white)

Support and resistance. In stock market technical analysis, support and resistance is a concept that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels. These levels are denoted by multiple touches of price without a breakthrough of the level. Resistance (resistance level) is a price point on a bar chart for a security in which upward price movement is impeded by an overwhelming level of supply for the security that accumulates at a particular price level. Resistance levels are characteristically found at the upper levels of range bound markets.

Sometimes with stocks, a support or resistance level will be a round number such as 50, 100, or 1,000 that represents a psychological barrier to further increases or decreases in the price. But in forex as well as stocks, keep in mind that a support or resistance level can vary, and is often not an exact number. Two of the most basic, yet effective, technical patterns are support and resistance. When prices are falling, support represents the moment when buying overwhelms selling and prices reverse. Conversely, when stocks are moving higher, resistance is the point where selling overwhelms buying and the price increases stop.

The concept of support and resistance forms the basis of Forex technical analysis. Forex traders look to buy at or near areas of significant levels of potential support in an uptrend. 

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