Hi Paramjit, thank you. Dont you think, relying on the support line drawn touching the 2 candles with lows 42.70 and 48.65, in monthly, will be better than the horizontal support line, with 50 as its support ? Please let me know if i am missing something. I would like to learn.
@praveentrading, Hi, there is not much difference between 48.65 and 50. one important thing is support/resistance should be seen as a zone rather than a price point. In candlesticks closing price has more significance than the low price.
@ParamjitMahapatro, thanks for the reply. I was talking about the trendline touching those two lows, which is not a horizontal line and i felt that this line could be considered as the support rather than a horizontal one. Hope you got my doubt now.