Key Levels – Horizontal Support and Resistance
Horizontal support or resistance is often encountered at significant price levels.
Autochartist’s Key Levels identifies these levels and notifies traders when the price approaches or breaks through these important levels.
With Key Levels Autochartist automatically identifies these price levels as either “Breakout” or “Approach”.
Breakout Key Level vs. Approaching Key Level
Breakout: When a Key Level is Breached
- Breakout events indicate that a significant support or resistance level has been breached.
- A forecast region is provided by Autochartist
Approach: When Price is moving towards a known Key Level
- Approach events are early warning signals to traders that a price is moving towards an identified level of support or resistance
- As price approaches the key level, the expectation is that it will either “bounce” off or break through.