Is it a resistance line?

Daily chart:

Is it a resistance line ? How good is the quality of the line looks ?


yes it is.

Yeah you’ve touched classical type of resistance point with following beautiful breakup, you might probably benefit. From the fundamental point of view I would try to search for some news release short before the time of breakup, and stored it as good pattern for entry…

Yes you can call that a resistance line but as price comes back to retest that level, it might very well become a support line.

EDIT: I completely agree with FOREXunlimited’s statement below as well; price doesn’t turn on a dime.

Try not to think about horizontal resistance / support lines as “lines”.
One price is not going to be agreed upon by the thousands upon thousands of differing strategies in the markets.

S / R “lines” should be more thought of as “zones”. They can be a few pips wide, and represent logical price points where a reaction is expected.

Jake