Where is the support in this chart (weekly chart) ? Can you please mark the level ?
Godzilla - would be grate if you would also indicate what currency or instrument it is Would be much easier to help
I did not want to name the scrip !
I want to get S/R level from chart only
The most immediate support is where price is testing now around the 912-960 price area. If that support breaks then the next lower support would be around 672.
Thats a big range.
I dont get how you got 912 …( 960 is justifiable though )
I am with ‘InSearchOfPips’, because some of the candle tails reach the area between 960 and 912, so if you were to use a stop area you would want it below 912, not 960, for that reason…
Agree, it seems to have a wide “area of interest” from 912 to 1000 even. Bear in mind that support/resistance doesn’t have to be exact levels as price action can get volatile or make sharp spikes in those regions.
It’s 1000.
There are 2 levels 1st support is 960 (note this is also the ceiling before the break higher so now will be a solid floor, institutions tend to trade on break outs), 912 is 2nd support (major), 624 is the last support (at this point is great for stops on real long-term trading) any breach of that would be problematic for any on the long side.
same chart with Volume now …What do you see now ?
I have bought little at 964. Is it a bad decision ?
Lower highs and lower lows mainly, I’d say that’s a bearish chart, but for a short trade you would wait for it to break this level and return to it for an entry.
And there will be at least 5 differing opinions, that’s why there is no definitive answer in FX, the only definitive answer is the number underneath the balance column on your account!
A reversal looks likely price is falling on low volume. A look to the up should be right but markets don’t turn on a dime.
The support is around 980-1020 area.