Support and Resistance levels are formed at the base of reversal points (such as peak and the bottom). Determining the support and resistance levels is very important in trend identification, placing BUY or SELL orders, and forecasting the market direction.
A support level is a level where the price tends to find support as it is going down. A resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up.
In other words, support is the price level at which demand is thought to be strong enough to prevent the price from declining further and resistance is the price level at which selling is thought to be strong enough to prevent the price from rising further.
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