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Strategies & Market Trends : Point and Figure Charting
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To: Dennis J. who wrote (8245)10/6/1998 2:04:00 AM
From: Smooth Drive  Read Replies (1) of 34816
 
Hi Dennis,

>>Other than GE, what else are you watching (or posting)? How many stocks do you post by hand?<<

I hand chart approximately 65 right now. I will be adding probably another 50 with the addition of some O'Shaughnessy criteria stocks for the long term. If you're considering doing some hand charting, pick a few you like and go for it. My first 30 were, and still are, the Dow.

Regarding a Dow stock, just updated KO and I wonder just how strong can a long term Bullish Support Line (BSL) be? Take a peek:


80 O                     + < BR/SL
79 O                   +
78 O                 +
77 O               +
76 O             +
75 O           +           + < BR/SL
74 O         +           +
73 O       +           +
72 O     +           +
71 O   +           +
70 O +           +
69 O X         +
68 O X O     +
67 O X O   +
66 O   O +
65     O X
64     O X O X           + < BR/SL
63     O X O X O       +
62     O X O X O     +   X
61     O   O   O   +     X
60             O +       X < Triple Top Buy Signal
59             O X   X   X < Triple Top
58             O X O X O X    
57             O X O X O X + < BSL
56             O   O X O +
55                 O X +
54                 O +
                   +

This BSL has been in place for years. Stock does a free fall from a high of 88 in July and slams against this trend line and ---- follows it like a calf to its moma. Amazing!! If it continues up, watch the resistance or lack thereof from the Bullish Resistance/Support Lines (BR/SL) I've added. Also recent single horizontal resistance at 64, 65 and 69.

Foods & Beverages Sector in Bull Alert; RS B/-; Short term bullish (Triple top buy signal); Long term bullish (trading above the BSL); Price objective of 69; Reasonably close to the BSL for stop purposes; Dorsey Wright has weekly momentum just turning positive; My supporting indicators look encouraging ---- What's your call Dennis?

Take care,

Eric
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