Intraday support/resistance

Ticker: CETX

I want to go over on how to find support and resistance during intraday. Today's runner CETX had a perfect example on how support and resistance was used. A lot of the time resistance turns into support when it breaks that resistance. In this example the purple line is resistance and the green is support. CETX was holding that $4 support quiet well. If you guys remember from the previous post I talked about psychological support and resistance. $4 is a great psychological support level which caused it to hold. It finally broke that 4.25 resistance with a nice volume candle. About 15-20min later it bounced off that previous resistance which turned it into support. That bounce showed strength and pushed it to make a new high at 4.55. To find support watch were the stock bounces or holds a certain area multiple times and to find resistance watch to see where it gets rejected multiple times. If you have any questions or want to send me a chart to help you analyze feel free to do it. I'm always willing to help.

- Rob

 

 

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