A price or set of projected prices that represent levels from which the market rallies or could potentially rally.
The support can be easily identified if price lows share a common level. It would be a specific price, or a narrow range of prices. Support can also be dynamic and either tilted upwards or downwards, and do not have to be straight lines in examples such as moving averages or retracement levels as possible areas of support. Other psychological levels such as a whole number, last year’s low, or the all-time low, can all be considered as possible support.