FTSE-100 is eyeing the upside test of the long-term Pitchfork channel
In this article, we are drawing Pitchfork channels on FTSE
On the monthly FTSE chart, we can see that the instrument is going for possible another test of the long-term uptrend Pitchfork channel 7700 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 the Bushido trading transformation program 2019!
On the Daily chart, sideways and downtrend Pitchfork channels has been pointing to an upside extension. By a trading perspective, a bounce fo the sideways channel median line and a break above the downtrend channel is pointing to a near-term test of the 7300 level. This is giving you a long trade opportunity with the stop loss below 7100 targeting 7300 at least with a possibility of extension higher into the 7500-7600 zone.
