Stock market forecast using yearly candles and volume profile

We don't often, if ever, look at yearly candles. A bigger view goes a long way in trying to forecast where we are and where the stock market is going till the end of 2023. If you are interesting in a unique angle to predicting where this market is headed, please do watch the video below.

Volume Profile is a charting approach that shows how much trading activity (volume) has happened at various price levels. It is used to detect significant levels of support and resistance as well as to assess the distribution of trade activity over a certain time period. In this case, Itai Levitan at @Forexlive is looking at YEARLY CANDLES and the volume profile to predict the stock market till the end 2023 by identifying significant levels of support and resistance, which can give insight into the market's future direction.

For example, if a stock is trading at a critical resistance level Resistance Level A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result A trading resistance or resistance level reflects a given price that acts as a temporary ceiling for an asset. In its most basic form, this level pressures an asset’s price from rising above it, either acting as an outright barrier or exerting pressure in doing so.This pressure is due to a growing number of sellers who wish to sell at the particular price at a defined resistance level. Resistance levels can either be temporary constructs, longer-lasting ones, or purely psychological. As a result Read this Term, it is more likely to undergo a sell-off than if it is trading at a key support level Support Level A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a A trading support or support level represents a given price that acts as a temporary barrier for an asset. In particular, this level ensures an asset’s price will not fall below it or will encounter difficulty in doing so.All assets can utilize supports, be it forex, equities, commodities, etc. A given asset's support level is created by buyers that enter the market whenever the asset falls to a lower price. Basic support levels can be calculated and charted by identifying the lowest lows for a Read this Term. Furthermore, if the volume profile shows that there is high purchasing activity at a given price level, it may imply that the market is optimistic and that prices will climb in the future.

Please watch the high volume nodes and key price levels within the video above. Visit ForexLive.com for additional views.