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Strategies & Market Trends : Point and Figure Charting
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To: SBerglowe who wrote (4144)6/26/1998 7:12:00 PM
From: Ms. X   of 34817
 
Hi Susan,
MEL looks good. RS is positive. Broke some tops and retreated today
from resistance at 75. Good pullback with a stop of 63. Stop could
also mean hedge by the way.Sector is in Bear Confirmed at 52% and
still moving down. The stocks shakey performance lately, if not for
FA reasons, probably is from the sector reversing down. Not to mention
the NYSE BP being down too.

80 ----------------------------------------X <--Next resistance.
79 X O
78 X O
77 X O
76 X O
75 ----------------------------------------X O X ------------------X <--Spread triple top and now resistance.-
74 X O X O X X X O
73 X X O X O X O X O X O
72 X O X O X O X O X O X O
71 X O X O 5 X O O X O Med
70 ------------------------------------X O X ----O ------O -- X X O<--Today's action
69 X O X O X O X
68 X O O 6 X O X
67 X O X O X O X
66 | X X O X O X O X
65 --------------------+-------X --X O 4 ----------------O --O --O X -
64 X | X O 3 O X O
63 X O | X O 2 O X
62 X O 1 X O X O
61 X O X O X X O X
60 ----------------X O X O X O X O -----------------------------------
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