Definitely. and for short term upside I'm watching the downtrend line drawn in this 15m chart (the thick red line)
you have to look over at the left to see where the price stopped and started in the crowd, I like to draw off the support and resistance that has been tested in the bunch of trades that took place, may seem random but if you look you'll see that a canlde stopped and then price went thru and then tested that candle low in the crowd and sometimes more then once, so I use that as an area, other times its a long term low like today, look at the chart I put up on 6/23/07 the last line was at 13350 the low of the hammer on 6/08/07 it stopped and turned there today these are areas of support and resistance on long term charts 30day 30minute 20day 30 minute 15d 15 min 10d 10 min but I use the 1d 1 min and the 2 and 3 day 3 minute charts for trading because you can see where the better support is realtime and if it lines up with a longer term line then I trade it
if you look in the yellow oval it looks random but keep looking to the left and then look in the circle again, you'll see that price stopped more then 3 times in there and that just held as resistance
The R is from last Thursday. There was a bit of volume traded in 13550-13600 then, and pretty much all this week the price was underneath. There was another dynamic taking place at the same time today-- breaking out above Tues & Weds high. Even with the relatively large amount of trading activity today, the advance got nowhere. It is just a coincidence that the trendline ran into this area today. The masses make trades based on prices, not trendlines.