The holding or breaking of either indicates something about sentiment at that time. Play both accordingly.
If you zoom on a support or resistance, you will see an area where a trading range with a lot of volume took place. A weekly S/R could be for example multiple 60 min trading ranges. I would never use S/R just as lines or (worse) trend-lines or moving averages, but (horizontal) area of S/R. I agree with Tkosta74 ==> S and R are the same thing.
%% Best to name a liquid market, on a year chart or paste a chart here. [2nd best]=SPY is below 200 ema, +200 simple moving average.Which is a better sign?? Both are correct, but since 200 ema is sooner, i like that.Wisdom is profitable to direct.Help mePLan; , not a prediction but actually these traders are NOT going to steal your system-the market may try >>>>> Over due for a bear market; but in an election year prefer 200 ema. BUT in a younger bull trend; most likely go[t] turtle slower..............................................
%% If its correlated to SPY+ most stocks are; NO way i would buy with all those daily +hourly candles below 200 day moving average.Buy to cover a short later, + later may work- you have about 50 /+minutes to market close.
%% Good point; 200 dma is more precise+ thats why so many dont use it. It is a bit slow, to try to use all the time LOL
flat lines are more important than sloped lines. no question about it. sloped lines are almost useless.
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