Price is either headed towards something or away from something. It can be a line or a level, a moving average; doesn’t really matter much. What it does do is add some perspective and the proximity of price to it allows you to exercise judgement and draw a conclusion.
Always a level of interest and particulary as we head toward the end game is the yearly opening price range.
A magnet in some instances and repellent in others.
[Right click enlarge image]