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Strategies & Market Trends : Point and Figure Charting

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To: TTOSBT who wrote (22251)	7/8/1999 2:31:00 PM
From: Tommy Dorsey	Read Replies (2) of 34808

Sure TTO. as the sock moved back and forth it created another top at $39 (rose in X's to $39 then failed and reversed into O's) it has now resumed the move up in a column of X's and when it exceeds the previous level where supply took control you will get what is called a Doubel Top buy signal on the stock. It's the first real ray of light in about 3 months. You will notice the stock rose to $45 in May three times and was unable to exceed that level and instead fell back. That will be the next resistance level as there are buyers there who want out even and will create supply at that level. Once that level is exceeded, there should not be much resistance until the old high. As a technician we change as the patterns dictate. The relative strength is something you will also have to contend with but that is another story. Tom

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