What are support and resistance levels?
An example of an AI chatbot conversation about support and resistance levels in trading.
What are support and resistance levels in trading?
Support and resistance levels are price points on a chart that indicate where the price of an asset tends to stop and reverse.
How do I identify these levels on a chart?
You can identify support and resistance levels by looking for historical price points where the asset has reversed direction.
Are these levels always accurate?
Not always. They can be broken, and market conditions can change, so it's important to use them as part of a broader analysis.
Can I use indicators to help find these levels?
Yes, indicators like moving averages and Fibonacci retracements can help identify potential support and resistance levels.
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