Grenache Friday, page-16

Sorry @TANOTFA it appears I gave you a bum number yesterday on that previous closing price. I was multi tasking - Let's start again with last nights close and then you can see how the lines work on Monday (if you are interested).

Last nights SPI futures range:



Using the Fibonacci methodology of calculating pivot points, produces support and resistance as follows:



However, for Monday, as you can see, SPI futures only did a range of 27 points last night, so highly likely Monday's price action will go higher or lower than the either the R/S 6 number.

The pivot point numbers are calculated using Fib multiples. They are not Fib extensions or retracement levels. There are other methods of calculating the pivot points, for example Standard, Woodies, Camarilla etc. However, personally for me, I have found that Fib works the best for SPI futures, hence my original post when I read you liked Fib levels.

The link below may explain it all a wee bit better for you if you are interested: It is more of a day traders tool. I calculate them every day. However, for this coming Monday, as the overnight range was small, I lean towards the ones from Friday over these numbers if the price action goes over the R/S 6.

http://stockcharts.com/school/doku.php?id=chart_school:technical_indicators:pivot_points