Previous week high and low
The highest and lowest prices of last week, carried forward as lines for the current week.
What it shows
Many traders note the high and low of the week before. Price this week often reacts to those two lines, or breaks through them.
The lines are objective, because every week has exactly one high and one low. They are drawn as soon as the new week starts.
How we find it
The same code that draws it on your chart follows these steps, with the same result every time.
- Find the highest high and lowest low of the last full calendar week.
- Draw a line at each starting at the first bar of this week.
- Extend to the right edge.
Starting values: Window previous calendar week; Used on daily charts. These are proposed and will be tuned on real price data before launch.
How to read it
- The shaded block is last week's range.
- The dashed lines extend its high and low.
- Price above last week's high is outside last week's range.
Status labels you may see
| Label | What it means |
|---|---|
| Inside last week's range | Between the two lines. |
| Above last week's high | Closed above the top line. |
| Below last week's low | Closed below the bottom line. |
What cancels it
Nothing cancels it. The lines are replaced at the start of each week.
What traders check next
- Whether price tested the line and turned.
- How wide last week's range was compared with a typical week.
- Volume on days near the lines.
Limits
- Only useful on daily or shorter periods.
- Holidays can make a short week.
- A tight week gives two lines close together.
Try it in forecastviz
- Open any ticker and choose Support and resistance → Previous week high and low in the left menu.
- Switch between 3M, 6M to see how the picture changes.
- Compare with Previous month high and low and Classic pivot points on the same chart.
Questions
Does it work on weekly charts?
No. On a weekly chart each bar is a week, so the idea is the previous bar.
Why weeks?
It is a common horizon for traders. We also show months.
Related trends
Further reading
- Murphy, Technical Analysis of the Financial Markets
- Edwards and Magee, Technical Analysis of Stock Trends
Educational only. Not financial advice, and not a price forecast. Charts are drawn by code from past price data, which may be delayed.