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Stocks and stock indices usually trend most of the time, but trends are often subject to reversals. Such trends tend to manifest themselves in the form and annotation of trend channels.
Trend channels are bounded by overhead resistance (depicted by pink lines) and support (depicted by orange lines). Reversals of trend are usually started by a breakout (to the upside through resistance) or breakdown (to the downside through support).
For clarity's sake, current trends appear as solid pink and orange lines. Past trends as dotted pink and orange lines.
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