Many Intraday traders look at pivot levels because they provide excellent support and resistance level. Pivot points provide significant turning points. This pivot points have a simple calculation which is calculated using yesterday’s price.
Trading Using Pivot Levels:
A pivot levels is a technical indicator which is used to measure a trend of the stock with the help of yesterday prices. These levels are nothing but an average of the high, low and closing prices from the previous trading day of the stock.