Point of price change
A pivot point is a term used in technical analysis and represents the point at which the overall trend in price changes.
As pivot points occur at the start of a new price trend, discovering pivot points is vital to effective technical analysis and effective trading. Many of the charts and tools used in technical analysis focus on discovering these pivot points.
Pivot points can be calculated for any time frame (Montly, Weekly, Daily, etc), although the most common time frame is for daily charts.