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  • Andrew Pitchfork Indicator

Andrew Pitchfork Indicator

  • Posted by Abhilash Bandari
  • Date November 19, 2020
  • The Andrew pitchfork is a technical indicator used to analyse the stock market.
  • It consists of three parallel lines along the trend which can be used to identify the support level, resistance level and the breakout price.
  • These lines are drawn by placing points at three consecutive peaks and troughs.
  • Using the points at three locations, mark the mid points at the same place and join them to get the midline.
  • Draw two parallel lines, one above and one below the midline to get the upper and lower lines which represent the support and resistance level.

 

  • Before entering the trade, traders should check that the price is stalling between the support and the resistance lines.
  • Also, the price should continuously cross the median line to ensure the upward or downward trend. If it doesn’t happen, it indicates that there is an acceleration in the trend and a steep rally is seen.
  • If the stock trades between the lines, traders can enter the market and initiate their long position if there is a bullish rally and a short position if there is a bearish rally.
  • Few traders can earn quick profits by initiating short positions when the price reaches the resistance level and a long position when the price reaches the support level.
  • Often Andrew’s pitchfork indicator is used with few other indicators like the on-balance volume (OBV) indicator to identify the strength of the trend.
  • The main limitation of this indicator is that it depends solely on the three points marked at the beginning. So, if the trader is inexperienced, he might mark a few incorrect points and the indicator leads to false results. Hence, using Andrew’s pitchfork indicator requires experience in marking the points.
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Abhilash Bandari

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Company Summary

Bajaj Electricals Limited is engaged in engineering and projects; power distribution, illumination and consumer durables businesses.

It has a range of domestic and kitchen appliances comprising water heaters, room heaters, coolers, irons, mixers, induction cookers, toasters, kettles, microwave, rice cookers, gas stoves, non-electrical kitchen aids and pressure cookers.

It offers ceiling, table, pedestal, wall, fresh air and industrial fans, and lighting solutions, such as light sources, light emitting diode-based lighting products, domestic luminaires, torches and lanterns.

Key Highlights of Company Business

Segments and Products

The Company's business segments consist of

  1. Lighting;
  2. Consumer Durables;
  3. Engineering & Projects,

The Lighting segment includes lamps, tubes and luminaries.

The Consumer Durables segment includes appliances and fans.

The Engineering & Projects segment includes transmission line towers, telecommunications towers, highmast, poles and special projects.

The Others segment includes diecasting and wind energy.

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