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
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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.