http://prntscr.com/4ryu9c
analysis for today 10 / 1 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle SILVER on the date 9 / 30 / 2014
OPEN 17.450
HIGH 17.560
LOW 16.830
CLOSED 16.930
The third resistance (R3) 17.560 - ( 17.107 - 16.830 = 0.277 x 2 = 0.553 )= 18.113
The second Resistance (R2) 17.107 + 17.560 - 16.830 = 17.837
First resistance (R1) 17.107 x 2 = 34.213 - 16.830 = 17.383
pivot points 17.560 + 16.830 + 16.930 = 51.320 / 3 = 17.107
Support for the first (S1) 17.107 x 2 = 34.21 - 17.56 = 16.653
Support second (S2) 17.107 - ( 17.560 - 16.830 = 0.730 ) = 16.377
Third Support (S3) 16.830 - ( 17.560 - 17.107 = 0.453 x 2 = 0.907 )= 15.923