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Stock Bounces off its Previous Resistance or Support Line

by Brian Brown, 2693 days ago
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Here is an interesting screen that scans your stocks universe looking for the ones that are bouncing off their previous resistance line (Breakout followed by a bounce). The resistance line is calculated based on the "AutoSR" function and it uses 150 bars as period and 10 bars as lag value. This means that the resistance line is created based on bars that are located between 160 (150+10) bars ago and 10 bars ago. A stock is reported by this screen if it crosses above this resistance line, then bounces off this line in the next 10 trading bars.

Many times, when a stock breaks its resistance level, it continues its rise for several bars, particularly when it is accompanied with an increase in volume. However, sometimes, just after few bars, the stock will test the resistance line again (which becomes at that moment a support line). It is bounces off this line then there is a great change that the stock will keep rising. This screen automatically detects this particular pattern or configuration.

With few minor modifications, you can create a screen that scans stocks or any other securities that are bouncing off their previous support line. This can be done by changing the first parameter of the "AutoSR" function to "0" then setting "close >= a" in "barssince" function.


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Type: Screen

Object ID: 1170


Country:
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Market: Stock Market

Style:
Technical Analysis

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