Here is a weekly chart
I see price broke through resistance and then came back for re-test ?
my confusion is, is the re-test successful or failed ? I am not able to understand this part.
What is the instrument you’re looking @- the chart isn’t too clear.
If I can look this up, I may be able to offer my opinion.
Resistance could be just a line on a chart, and drawing a line on a chart can be very, very subjective.
A lot of times, newer traders will wait for some type of price action candlestick pattern to develop, and see if they can drop a horizontal line on a price chart which corresponds with the action…
+1. In the end only time will tell if it was a successful break or not. In my opinion since this is a weekly chart not enough data is present to classify it as a success or failure and I would monitor price action a few more weeks before making that call.