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Technical Analysis VI: Trend Lines

Trend lines are lines drawn on the historical price levels that depict general direction of where the marking is heading, and provide indications of support or resistance. Drawing trend lines is a highly subjective matter. The best test of whether a trend line is a valid one is usually whether it looks like a good line. In an up trend, a trend line should connect the relative low points on the chart. A line connecting the lows in a longer-term rally will be a support line that can provide a floor for partial retracements. The down trend line that connects the relative highs on the chart will similarly act as resistance to shorter moves back higher.

Submitted by: Actionforex Posted on: April 17,2007

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