overhead resistance level

Resistance Level

In technical analysis, a price that a security does not, or only rarely, rise above. Technical analysts identify a resistance level by looking at past performance. When the security approaches the resistance level, it is seen as an indication to sell the security, which will increase the supply, causing the security's price to fall back below the resistance level. If there are too many buyers, however, the security rises above the resistance level. When this occurs, the price of the security will likely continue to rise until it finds another resistance level. It is also called the overhead resistance level. See also: Price ceiling, Support (Support level).

overhead resistance level

References in periodicals archive ?
Currently at about an overhead resistance level, the three month price needs to move a little higher in order to cause a break-out on the upside.
The high for Wednesday was $1472 and then on Thursday $1483 before this overhead resistance level brought in trade selling with the three month price falling back to close the week at $1469 for an overall gain of just $3 per tonne.
These put adds may suggest that an option player is betting that the security will be unable to breakthrough this overhead resistance level and will trade lower after being rejected by the resistance.
Aluminium: Having just survived the downside pressure of the previous week, aluminium was up and away from the off last week as it broke overhead resistance levels at $1,680, $1,700 and $1,740 before finally recording a high for the week of $1,772 on Friday.
Furthermore, a positive end to this development could be just the catalyst that security needs to break some key overhead resistance levels.