How does the concept of support and resistance apply to trading BSX?

1 answers

• anshu paijaDec 16, 2024 · a year ago
  Support and resistance are important concepts in trading BSX. Support represents a price level where there is significant buying interest, causing the price to bounce back up. Resistance, on the other hand, represents a price level where there is significant selling pressure, causing the price to reverse. Traders can use these levels to identify potential areas of price reversal and make informed trading decisions. For example, if BSX is approaching a support level, it may be a good time to buy, as there is a higher probability of the price increasing. Conversely, if BSX is approaching a resistance level, it may be a good time to sell, as there is a higher probability of the price decreasing. By understanding and applying the concepts of support and resistance, traders can enhance their trading strategies and improve their chances of success in trading BSX.
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