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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (2802)	5/5/1998 6:04:00 AM
From: Bwe	of 34814

Hi Jan and all. I post the following analysis of Friede Goldman (FGII) for those interested in the stock and the sector. Friede Goldman gave a Relative Strength (RS) buy this past week at $41. Point & figure chartists derive RS by dividing a stock's price each week by the Dow and then chart the results on a weekly basis. RS signals last on average 2-2 1/2 years so when there's a signal one way or the other it pays to take notice. Stocks with positive RS tend to be leaders on the upside and with the Oil Service group looking more positive, FGII's stock could appreciate nicely. The stock gave a p&f buy signal at $32 and has a $45 upside price objective. There's a bullish resistance line waiting at $45 as well and that will probably cause some overhead resistance. Should the stock be able to move past that resistance line, $50 would be the next stop as there is another bullish resistance line at that price level. Technically, things are looking much better for FGII and the oil service group as well. I'll update the board on the stock's p&f chart as things progress. Bruce

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