Trend, Support, Resistance, and Change in Polarity — GoStudy

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Sign up for free! Trend, Support, Resistance, and Change in Polarity At its core technical analysis is the interpretation of market trends.

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In fact, it does not work as well in a market with no discernable trend. The simplest and most important trend in technical analysis is price.

From a technical perspective a downtrend reflects an increase in selling pressure whereas an uptrend shows an increase in buying pressure. Defining a trend for technical analysis A market is trending up if we see successively higher high prices that retrace to higher lows A market is trending down if we see successively lower low prices and retracement to lower highs We can identify these trends using a trendline.

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A trendline in an up market is drawn by connecting the low prices of each trend support line In a downtrend the trendline is drawn connecting the decreasing high prices Here is an example of a daily trading chart showing both up and down trends: The longer a trend persists the more significant it is thought to be. A breakout occurs when the price goes above or beyond that trendline by a significant amount.

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A support level is where we would expect an increase in buying demand to support a price A resistance level is where we would see increased selling to prevent further price increases. Polarity is the technical concept that once a support or resistance line has been breached it flips and the opposite trend becomes dominant.

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So, if prices fall below a support line, that support level is now a new resistance line and vice versa.