Defining support and resistance levels is not an exact science. You will rarely get support levels retested at exact prices. Keep an open mind; most of the time, you will see zones of support and resistance.
Areas of price congestion that create many well known chart formations are nothing more than levels of support or resistance. The cool thing about Support and Resistance is that with a bit of practice you can see it clearly on any type of chart, so there's no need to make a life-altering decision. The keyword here is practice.
The begining paragraphs on this page are excerpts from supportandresistance.com
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Support and Resistance Trading
The Joss Report was first published as a traders' commodity newsletter in 2000. Since that time, our research has continued to evolve into an important source of technical insight for many commodity brokers and futures traders
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