“In stock market technical analysis, support and resistance is a concept that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels. These levels are denoted by multiple touches of price without a breakthrough of the level.”
After a month of jumping into some stocks quicker than I should have (in other words, I did ZERO technical analysis) I have put the brakes on my buying until I feel I have thoroughly analyzed their charts and made a plan of what price to best buy them at.
Have I lost some money? Yes. However, I learned the most after picking a stock incorrectly. My confidence has increased.
I love the TD Web broker platform. They do a lot of the technical analysis and guide me to the correct information.
My favorite days are red days as most stocks go on sale! Prior to this I was seeing good news about a certain stock and would buy it, only to have it drop drastically. I don’t recommend this method!