we need suport and resistance threads here. i was going to do one today and they are a couple of the most important indicators. i would like someone new to charts to take the bull by the horns and find out what you can and post how they work and an example that you like and post it also. i found trying to teach others i learn the most so take the challenge. it will pay off for you alot more then anyone else.
assignment for new to charts
Posted above is a three year chart of CACH note that the colored lines are for weekly, monthly and yearly rolling high and lows with white being weekly, aqua being monthly and black yearly. I would have put quaterly rolling averages but the clutter was to high.
If you look at the chart there are several things to note that when the weekly monthly and yearly are all at the same value they become either support or ressitance. You can see that the yearly rolling average plays a major key. When the yearly low is broken by both the weekly and monthly and then stabilizes as the weekly and monthly start to climb this would indicate the new level of support for the stock the same can be concluded by the yearly high when it is broken and then stabilized by the weekly and monthly stock prices decreasing marking the latest ressistance level for the stock.
It should be noted that the program is playing a major part in picking these levels by picking the high and low rolling averages. None the less it does provide a very good insight as to how the stock is doing compared to pass and present performance.
Looking at this particular chart it would appear that this stock is headed up in the short term until it find ressistance at the rolling yearly high but this could be broken and go on to set a new ressistance level or fall short of making it to the present level of the yearly high.
Disq
now thats worth a high five 55555555555555555555 disq. i want every one to post their take on support and resistance as i said these are the most important indicators imo and ones you should be able to see and understand at a glance. we can all learn from each other and that is what stockmarket cats is all about. again great post disq
I can actually pick the support and ressistance levels by just viewing charts. After purchasing Amibroker needed to learn how to program it to find stocks that I was interested which would meet certain criteria. I have a universe of 5286 stocks so really did not want to look at every chart everyday so I placed conditions that they had to meet inorder to qualify for consideration.
Cond price < 20.00
cond volume > 300,000 shares traded per day.
and several others
The point being that it will cull stocks that do not meet the conditions placed on the scan of the universe. This will give on the order of 5 or less stocks out of the entire universe that meet all of the conditions. It is at this point additional TA will be used to determine if the stock is a good canidate for entry. Volume and price moves are the overall key to selecting stocks using this method for me.
Thanks for the High 5555555555555's
Disq
Quote:
Originally Posted by Disqplay View Post
I can actually pick the support and ressistance levels by just viewing charts. After purchasing Amibroker needed to learn how to program it to find stocks that I was interested which would meet certain criteria. I have a universe of 5286 stocks so really did not want to look at every chart everyday so I placed conditions that they had to meet inorder to qualify for consideration.
Cond price < 20.00
cond volume > 300,000 shares traded per day.
and several others
The point being that it will cull stocks that do not meet the conditions placed on the scan of the universe. This will give on the order of 5 or less stocks out of the entire universe that meet all of the conditions. It is at this point additional TA will be used to determine if the stock is a good canidate for entry. Volume and price moves are the overall key to selecting stocks using this method for me.
Thanks for the High 5555555555555's
Disq
Disq,
What program are you using and can you tell what are all your conditions that you use?
Zekthecat
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ZektheCat
Yesterday was the day I was poor, today was the day I became rich, and tomorrow is the day I am happy.