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CHANNEL ANALYSIS Here are the steps for drawing the channels. :
UPWARD CHANNEL, RESISTANCE. Identify two low closing prices and draw line 1. Use the extreme high closing price between the two low closes to draw your parallel line.
UPWARD CHANNEL, SUPPORT. Identify two high closing prices and draw line 1. Use the extreme low closing price between the two high closes to draw your parallel line.
DOWNWARD CHANNEL, SUPPORT. Identify two high closing prices and draw line 1. Use the extreme low closing price between the two high closes to draw your parallel line.
DOWNWARD CHANNEL, RESISTANCE. Identify two low closing prices and draw line 1. Use the extreme high closing price between the two low closes to draw your parallel line.
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