Significance of EOD data for IntraDay trading

[aspire]

Dear Friends,

I am beginning my journey in stock market. After reading multiple threads on Traderji, I got myself AmiBroker software. Although real time and EOD feeds are available through multiple resources, I do not understand how traders make use of previous day data on next day. I know i might sound dumb, but unfortunately I do not know the answer. What is the significance of running technical analysis on previous day data vs current day.

thanks,
Aspire

 

[bijoy2526]

previous days datas are used to find out support resistance levels of the stock.if the stock is bullish previus days high may be crossed.and if the stock is bearish previous days low may be taken out.one can get an idea in which direction stock movement liklely take place

 

[bijuknambiar]

previous days datas are used to find out support resistance levels of the stock.if the stock is bullish previus days high may be crossed.and if the stock is bearish previous days low may be taken out.one can get an idea in which direction stock movement liklely take place

Dear friend Bijoy, can u specify it pls...