http://prntscr.com/4ufl2l
analysis for today 10 / 9 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle SILVER on the date 10 / 8 / 2014
OPEN 17.140
HIGH 17.440
LOW 17.020
CLOSED 17.330
The third resistance (R3) 17.440 - ( 17.263 - 17.020 = 0.243 x 2 = 0.487 )= 17.927
The second Resistance (R2) 17.263 + 17.440 - 17.020 = 17.683
First resistance (R1) 17.263 x 2 = 34.527 - 17.020 = 17.507
pivot points 17.440 + 17.020 + 17.330 = 51.790 / 3 = 17.263
Support for the first (S1) 17.263 x 2 = 34.53 - 17.44 = 17.087
Support second (S2) 17.263 - ( 17.440 - 17.020 = 0.420 ) = 16.843
Third Support (S3) 17.020 - ( 17.440 - 17.263 = 0.177 x 2 = 0.353 )= 16.667