As you can see on the chart above, if you look at it in the long run(or trading long term), this is a result of a resistance point which is clearly labelled above.
First of all, how to identify a resistance point: the first thing you want to do when looking for a trade is to look for a resistance point, to tell if it is a resistance point or not, you have to see if there are any candles that stay around the same area or if you see a common high in the charts.
What to do if you see a resistance point: DONT buy it, yet. You should label the resistance point(like what I did in the chart above) and wait to see if the stock actually breaks the resistance point(if it does not break it after a long period of time MOVE ON to another company)it indicates that the market has the strength to become bullish. Hence you can buy the stock.
Effects of a resistance point: the stock would go downwards and you will have a loss. Unless it has an engulfing candle to counter the loss.
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First of all, how to identify a resistance point: the first thing you want to do when looking for a trade is to look for a resistance point, to tell if it is a resistance point or not, you have to see if there are any candles that stay around the same area or if you see a common high in the charts.
What to do if you see a resistance point: DONT buy it, yet. You should label the resistance point(like what I did in the chart above) and wait to see if the stock actually breaks the resistance point(if it does not break it after a long period of time MOVE ON to another company)it indicates that the market has the strength to become bullish. Hence you can buy the stock.
Effects of a resistance point: the stock would go downwards and you will have a loss. Unless it has an engulfing candle to counter the loss.
H
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