The Basics of Pitchfork
Pitchfork technical analysis tool developed by Alan Andrews, This is a trend based tool consisting of three lines basically pitchfork give clear-cut pivot, support and resistance levels with the direction of the market trend. This is very famous and easy interpretation tool. Pitchfork look like a long-handled tool sharp widely spaced prongs for lifting and pitching hay.
All cash and Future market like – currency, commodity, equity (please note – this is not for options market)
Pitching works any time like – 5min, 15min, 30min, hourly, daily, weekly, monthly etc.
1. Pitchfork median line interpretation is this is a very good pivot point at this trend.
2. Pitchfork upper line interpretation is this is a very good resistance point as this trend.
3. Pitchfork lower like interpretation is this is a very good support point as this trend.
If market tests upper line and then give some weakness in the trend its mean this is an overbought situation at this time in the market.
If the market test lower line and then give you some weakness in the trend its mean this is an overbought situation at this time in the market.
For better understanding please watch trading Chanakya YouTube video please click this link.
Free technical chart for checking This tool:-
1. Trading Chanakya free stock chart. (website )
2. Technicianapp.com (website)
3. Professional chart (android app)