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Trading terms are often thrown around a lot. And if you don’t know the terminology, it can sound like a different language. The only way to fix that is with a solid education. Today, Tim Bohen takes on support and resistance in this breakdown of technical analysis for beginners. Study up now!
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Why does support and resistance matter — and why do traders fixate on these terms and levels?
Ultimately, you’re looking for breakout areas. And on the short side, you’re looking for breakdown areas. These are both key for setting entries and managing your risk.
Tune in for a chart example on Plug Power Inc. (NASDAQ: PLUG). It’s been a hot electric vehicle play since last year. You can see that big volume in February when a lot of traders bought the breakout.
Then, the coronavirus came along. The market crashed hard and the stock went sideways … All of the bag holders got stuck...
Then, four to five months later, you can see the resistance level break. All of those bag holders are now green and adding to their positions.
What happens?
Volume and price spike. Tune in to find out what to watch when the resistance level breaks and what it can mean for a potential trade. And catch the video to see how this can set up an opportunity for a potential dip buy.
Remember to always have a plan and stick to your stop. Support doesn’t always hold. Utilize the three-to-one risk/reward ratio. It’s essential to have intelligent levels to base your risk on.
Use the chart to guide you!

#StockMarket #Support #Resistance

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*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
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