Yes. Too many peeps think support is the lowest price can every go, it's not. It is VERY common for price to wick past a support. That's "feeling" things out.
A test - a real test - is body formation beyond the support/resistance. It goes beyond and immediately returns.
Here's how I locate support. It may look random, but it's easy and crazy accurate.
DrWojak
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@TranceaddicT66, I disagree. I think support is a range, not an accurate number. If you look left on the chart, you will see why I have 35.5 as a key support level. Back when the stock went public, this was a key resistance level. Now we are testing it as support.
If you're gonna go back that far (6y), I understand where you're getting it. Personally, I'd've chosen $35.70 - the low candle body of the highest-high. Yet, I find it hard to believe it'd have greater influence than a more recent local level. But, were talking a ~½ percent difference; so, we're essentially splitting hairs. The important thing is we are in agreement regarding the significance of the current price level.
The next few days will be interesting and relevatory. In the words of the immortal Bette Davis' Margo Channing, "Fasten your seatbelts; we're in for a bumpy night."
zaremol
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it's been bouncing between 36 and 38 for almost a month now with very little volume, so I think another rise is on the way