What is the Pivot Point level?

The Pivot Point level is an important indicator in technical analysis, used to determine key levels of support and resistance in the market. It represents the average of the high, low, and close of the previous period. This level helps traders predict potential price reversal points and forecast further movements. There are several variations of the Pivot Point, including standard, Fibonacci, and Camarilla, each with its own features and application in different markets.