In the preceding section, we saw how support and resistance levels can be penetrated by a change in investor expectations (which results in shifts of the supply/demand lines).  This type of a change is often abrupt and "news based."

In this section, we'll review "trends."  A trend represents a consistent change in prices (i.e., a change in investor expectations).  Trends differ from support/resistance levels in that trends represent change, whereas support/resistance levels represent barriers to change.

As shown in the following chart, a rising trend is defined by successively higher low-prices.  A rising trend can be thought of as a rising support level--the bulls are in control and are pushing prices higher.

As shown in the next chart, a falling trend is defined by successively lower high-prices.  A falling trend can be thought of as a falling resistance level--the bears are in control and are pushing prices lower.