If you do not have the knowledge of Support and Resistance, then PIVOT Indicator is a very good choice. PIVOT Indicator is primarily used to identify potential support and resistance levels and gauge the overall market trend over different timeframes—typically daily, weekly, or monthly.
At its core, the pivot point is the average of the high, low, and closing prices from the previous trading period. From that central point, traders calculate support and resistance levels.
How It Works
Using P, you calculate the support and resistance levels:
• Resistance 1 (R1) = (2 × P) − Low
• Support 1 (S1) = (2 × P) − High
• Resistance 2 (R2) = P + (High − Low)
• Support 2 (S2) = P − (High − Low)

How Traders Use It
Trend Direction: If the price is above the pivot point → bullish sentiment. If below bearish sentiment.
Entry and Exit Points: Enter trades at support levels (S1, S2) if expecting a bounce. Exit or short at resistance levels (R1, R2) if expecting a rejection.
Breakout Strategy: If the price breaks above R1 or below S1 with strong momentum, traders may enter in the breakout direction.