Weekly support and resistance levels

In the stock market technical analysis, support and resistance is a concept that the movement of the price of a security will tend to stop and reverse at certain predetermined price levels.

Support and resistance levels can be identified on any timeframe. However, the most significant ones are found on the higher time frames, such as daily, weekly, and monthly.

I prefer using the weekly chart to identify the relevant levels. This is a support and resistance indicator.

Here the support and resistance are derived from the weekly timeframe and using the Highest high and Lowest low of the previous week, as well as its mid value.