Dow theory is perhaps the first analysis used in Technical Analysis by Charles H Dow. Dow theory helps to identify the market direction. One will need at least 2 years EOD charts, to analyse the tops/bottoms, qualify higher top,higher bottom,lower top,lower bottom. HB-HT of Bullish and LT-LB is Bearish signal. Dow theory only helps to identify the market trend and not the price action for which price pattern/candlestick analysis used further to dow theory.Support is a zone where Demand > Supply and Resistance is a zone where Supply > Demand.
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Hi,
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