SaralaPivot points are calculated by the stocks high,low and...

Sarala

Pivot points are calculated by the stocks high,low and closing prices.The formulas are

Pivot=(H+L+C)/3=
Once pivot point has been identified we can then calculate supports and resistance.

R1=(PX2)-L=
R2=P+H-L=
S1=(PX2)-H=
S2=P-H+L=

The figure i calculated for R1 is very close to the 50% fib retracement.Also note that if a stocks price breaks above the pivot point,but then falls back, you will find that the pivot will act as support then.
As for the other banks pivots,i haven't done them as yet but i will try and get them up for tommorow.

Looking at tommorows market i would not be surprised to see some profit taking in the financials,And i also think we may retest those march lows intraday.We have no lead from the US to follow so i dont see anything spectacular to the upside.I am expecting a rally in the financials,as they are very oversold at the moment and are starting to look attactive,i will be only taking day trades on them at present unless i see a recovering in sentinment and a fall in oil,Which will be the key here.If we do get a fall in oil this week i expect to see the markets rally for 2 to 3 weeks before turning down again.As for BHP you would be best to ask Robbbb on bhp thread,he would have a better idea as i do not trade it as much.

If you do need anything else im more than happy to assist,just flick me your email

gunn