what are support and resistance levels 
support and resistance levels represent points on a price chart where there is a likelihood of a letup or a reversal of the prevailing trend support occurs where a downtrend is expected to pause due to a concentration of demand while resistance occurs where an uptrend is expected to pause due to a concentration of supply 1 in an ascending triangle pattern the upward sloping lower trendline indicates support while the horizontal upper bound of the triangle represents resistance 