In this article, we are drawing Pitchfork channels on Oil
On the monthly Oil chart, we can see that the instrument has formed the downtrend Pitchfork channel on a rejection from the strong upside resistance 78 level. Break below the 50 opened another leg lower for a possible extension into the 20 level.
Using Andrews Pitchfork tool hint: to plot Andrew’s Pitchfork on a chart, first look for three consecutive big highs or lows at the asset’s price. These key points are highlighted in the chart below.
Andrews Pitchfork trading technical analysis is included in Complete trading transformation program 2019!
We have used the combination of the top-down trading analysis and the Andrews Pitchfork channels to get to a trading entry stop loss levels and targets. On the weekly chart, the uptrend Pitchfork channel has been broken to the downside below the 64 level and is in the continuation below the 50. You can enter a good risk to reward short trade entry on a pullback into the 50 level with the stop loss above the 52 targeting 41 lower and on a daily close below 41.40 could open an extension into 20.
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