true or false - a breakout occurs when a stock's price moves up quickly above a former support line?

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05-12-2022
Business

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true or false - a breakout occurs when a stock's price moves up quickly above a former support line?

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Qwcold Qwcold · Answer 1 · 2022-12-07T12:28:39-05:00

A breakout occurs when a stock's price moves up quickly above a former support line. This statement is false because breakouts don't only occur when a price moves above quickly.

Rather, a breakout occurs when the stock moves up quickly above a former support line or moves down below a former support line.

A breakout is when the price moves above a resistance level or moves below a support level. Breakout can be subjective since not all traders will recognize or use the same support and resistance levels. This can indicate either that a pattern has been completed successfully or that security has bucked a trend. Breakouts provide possible trading opportunities. A breakout to the upside signals traders to possibly get long or cover short positions.

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