A price level that acts as a floor to further price declines. When a market repeatedly declines to a particular level and then rallies, the market is said to be “offering support” at that level.

Support (like resistance) is rarely a precise price; it is more often a relatively contained price range, frequently in the vicinity of past technical patterns.

One of the basic precepts of support and resistance is that once a support level is violated it becomes a likely new resistance level and when a resistance level is penetrated it becomes a new support level.