Arshad_Khatib

Significance of Pitchfork in Tata motors

Education
NSE:TATAMOTORS   TATA MOTORS LTD
NSE:TATAMOTORS

we can see that Tata Motors is trading in a channel which can be seen in the Pitchfork
breakout on either side with volumes can bring a good move in that side.
We must observe the Price action too at that point.
as seen in the picture Tata motors is aslo at a strong support of 300.

This is only for educational Porpose
Comment: The Stock didn't follow the Pitchfork.

As per my Experience In Markets Pitchfork is Less effective on low time frame as Markets are volatile.

The Best Use of pitchfork can be made inn higher time frames such as 4hr-1D-1W-1M.
Pitchfork is Effective and Strong there.

But Why..??
Reason:
As we all can see that in lower time Frames markets Move randomly or By Price action or they are volatile.
But If we focus on the Long term then we would find that good Quality Stocks Go On Rising as Months and Years Pass.
Pitchfork can Calculate that Channel Easily and can show us a Trace the Stock is following in the Long-Run.

Pitchfork is Easy and very good tool
but I personally don't Prefer for Intraday charts
As they are less effective there.

Comments

can I buy cmp for short term
Reply
Arshad_Khatib ashokailaveniashok
@ashokailaveniashok,

It Is Very Good For Long Term Investment

But for Short Term It Might Consolidate on 305,310

But if you want to take some Risk
You can Buy it with a Day Closing Stoploss of 300 or 295 as per your wish

If today Closes Above 300 then 300 would become our Major support and some upside is possible.
Reply