support & resistance formula

is there any set formula to know support and resistance level for day trading . pls help me out.

No! You may use pivot points as your guide but no formula ! If there was a formula there wouldn't be any markets !

ATB,

Fibo.

Well Said


CV

Hi CV,

Tnx CV.Hope you are well. I really enjoy reading your posts and I look forward to more interactions with you.

Regards,

Fibo.

Hi sunil,
There is definetely a formula named "Pivot Point calculator" a small utility which gives you R1 R2 R3 PP S1 S2 S3. Just Fill Previous Day's H,L&C and you Get Pivot.For ready Made Pivot levels see the Networth stock site.

Enjoy
Anand

Hi Anand,

Yes,there is a formula for pivot points. Here it is :

Pivot point (P) = (H + L + C) / 3
First resistance level (R1) = (2 * P) - L
First support level (S1) = (2 * P) - H
Second resistance level (R2) = P + (R1 - S1)
Second support level (S2) = P - (R1 - S1)


(* is multiplication)

ATB,

Fibo.

Check these two may be of some use to u.

Thanks

But there is a definite method to find out support and resistance for short term medium term and long term using Technical analysis. Similarly there is a definite method for target price calculation using fundamental analysis. Can Any veterans precisely familiar with these methods, explain how to do this ? By precise I mean if two persons calculate it, the value should be the same for both. Thank you in advance.