Dow theory was first coined by Charles H Dow, who studied the market trends for investment purpose, The Dow theory is old concept yet is very powerful even today as this concentrate on identifying demand and supply. Higher tops and higher bottoms represents bullish trend and Lower tops and lower bottoms.represents bearish trend, Dow theory does not consider the price movement of the stock/market, instead it only concentrate on demand and supply. Support means demand zone and resistance is supply zone.
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