Support and resistance are viewed from the past On DJI I am seeing resistance at 25449 using candle of March 12th. I see support at 23344 using candle on Apr 2nd. I will add that many times support and resistance is in the eye of the beholder. Not all traders read charts the same way. Some might say they see resistance at 24977 using the March 21 candle. I would not argue that I just look at it as minor resistance with the 25449 being the most significant resistance. Clear as mud???
Jerry is right, and it also depends on the timeframe. We have day traders who are in a stock for minutes to hours and see multiple different supports and resistances per day. I would call the 50MA support and next minor resistance at 25372. You could also say it already broke above the most "clear" resistance line. Like Jerry said, support and resistance are usually more of an "eye of the beholder" thing as we all see it differently. Sometimes there's clear support or resistance at a multi-tested number, but usually it's not nearly as clear-cut.
