A pivot point is a technical indicator showing the overall trend in price changes over different time frames, most commonly over the daily chart. A pivot point is a simple average of the high, low, and closing prices from the previous trading day. On the next trading day, trading above the pivot point is considered as a bullish sentiment signal, while trading below the pivot point is considered as a bearish sentiment signal.
Calculation: Pivot Point= (High (previous) + Low (previous) + Close (previous))/3
Resistance 1 (R1) = (2 x Pivot Point)