Resistance or support is the level that actually the cost makes whenever it moves. When the cost reaches those specific levels, there are many chances for it to reverse. After a lot of time of reversal whenever the cost reaches that level, those particular levels become stronger. Well, they are known as strong or support resistance. All in all, they are positive indicators for you to open transactions profitably in Binomo.
- The level of resistance is made when the cost reaches its highest peak. Then, when it again reaches its top, it falls and reverses.
- The level of support is made when the cost reaches its bottom. And when it again falls to its bottom, it bounces and reverses back.
Want to know more about support and resistance indicator? Just keep reading;
- The resistance and support levels are the zone of price, not a certain cost level.
- . When the cost reaches resistance/support levels but still does not split its levels, the resistance/support levels even become stronger.
- The alteration of the resistance and support levels. Resistance and support can also be broken down anytime. At that phase, two functions of these two levels also switch. These support levels become a quite new level of resistance and vice versa.
- The cost makes a lot of bottoms and tops whenever it moves. So, a huge variety of resistance/support zones generally exist.
While trading, many traders utilize the lines (horizontal) frequently for drawing the resistance/support zones.
- Select chart preferences.
- Select the tab tool & drag it simply to its bottom.
- Select horizontal.
- Set your most favorite color to put in the boundary line.
- Select the line thickness I’m specific line style.
- Choose “apply”.
- After that, simply put the lines at the bottoms and tops of the cost. Keep in mind that the tops are the levels of resistance, and the bottoms are the levels of support.
- Select “stop drawing” to end up drawing resistance/support zones.
All in all, Binomo is a trustworthy trading platform online that efficiently caters to customers from about 133 countries & is the most famous broker for many traders from Brazil, Turkey, India, Vietnam, and Indonesia.
Binomo was developed in 2014 & is owned by the most popular company known as Dolphin Corp, placed in the Grenadines and St. Vincent.
With more than 887,470 regular active traders & more than 30,000,000 hardworking and active traders every week, it is undoubtedly one of the biggest brokers worldwide. Overall, you can efficiently work on it with little effort. For a better experience, you can also get familiar with the Binomo app review to work more efficiently and exceptionally.
Hope this article will be highly enlightening for you and you will get really familiar with the support and resistance indicator!
Good luck, folks!