I said I’d follow up. So here’s an attempt to do so.
Hop on over to Investopedia and type the words Support and Resistance into their search box. Several articles will come up. Read 'em all. Then head on over to StockChart’s Chart School and do the same. Lastly, go back to BarChart and pick a stock, any stock --or an ETF- and then use the the ‘Toolbox’ menu to start drawing lines just those articles showed you how to.
To show that I eat my own cooking, here’s a marked up chart for cotton, suggesting it’s trading in a channel, where support is around 57 and resistance around 62.
Here’s a chart for the Philippines, where breaking through resistance became a ‘buy’ (No lines are drawn. But where they would be is obvious.)
Here’s an example close to yours.
Lastly, if you go to FinViz, and enter DIS into their search box, you’ll see this chart.
The horizontal line is ‘support’. The purple line is resistance. And the two converging lines purple and blue lines create a wedge, which is a very tradable chart pattern, as are ‘flags’, and another dozen patterns that FInViz will look for if you ask it to do so in their screener.
The old-timers marked their charts by hand, and they gained from doing so. Us “moderns” depend on computers to do the analysis for us, and we suffer as a consequence, because a savvy, experienced human will beat a computer over the long haul, because humans can make intelligent exceptions to otherwise sound procedures and policies. We human can have “a feel” that even so-called “expert programs” can’t match. For sure, computers never get tired or distracted. But when and where is that an advantage? Only when things aren’t going crazy, which isn’t much of the time in markets.