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Technical Analysis Topic: Support and Resistance
When we look at charts, we will often find price levels where the market reacts to them like a barrier. When price tests the levels, they will often reverse the other direction. These levels are referred to as support (to the downside) and resistance (to the upside).
Support and resistance are the most commonly used chart patterns by traders as they help us determine where the forces of supply and demand will likely shift. When these levels are tested, markets react. Even if price doesn’t reverse from a support/resistance level, we can still use this information in trading as a strong move usually follows once support/resistance is broken.
Stocks To Watch with: iZones
Traders are constantly looking to identify where the force of supply vs. demand shifts, and that is exactly what the iZones Plugin shows you. Instead of identifying a particular level like support or resistance, iZones will use recent price activity in order to determine a price range where we have seen supply overtaking demand and vice versa.
iZones includes three Trading Strategies that will give you excellent trading opportunities at supply and demand levels. However, many traders will use the iZones indicators for visual confirmation to help them make good trading decisions.
Learn more about Nirvana's plugin, iZones: https://bit.ly/iZones-nirv
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What is Market Pulse Dot Live (MPL)?
MPL is complementary content about trading the current market with some technical analysis education too.
A typical show covers the following topics:
- Overview of Today's Broad Market
- Summary of Groups on the Move
- Technical Analysis Lesson
- Stocks to Watch
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Join us every Monday and Wednesday at 5:30pm EDT.
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Nirvana Systems has been creating Trading software since the 1990's. Nirvana was founded on the concept of automated trading, our CEO, Ed Downs, fell in love with the potential profits offered by the markets but quickly realized that emotions were getting in the way of success and it was too difficult to find good candidates. Nirvana Systems has been creating software that automates Trading ever since.
