For traders with short position, these points are often helpful in determining what should be the stop loss for a trade. Second these specific price levels may see an increased activity, hence may be used as levels to book profit by traders with a long positions. So, if a stock moves up above these pivots levels, the uptrend gets confirmed. First, the specific price level indicated by R1, R2 and R3 may act as a barrier or resistance in an uptrend. There are two underlying assumptions in pivot points. Pivot level for Monday’s trade would be based on Friday’s prices and Monday’s, high, low and close price would go into calculation of pivot levels for Tuesday’s trading session. Pivot points are indicative support and resistance levels which are calculated on basis of previous day’s high, low and closing prices. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged.
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