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Strategies & Market Trends : Point and Figure Charting
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To: feewaybill who wrote (24355)11/10/1999 1:18:00 AM
From: Smooth Drive  Read Replies (3) of 34816
 
Mix it up - EGGS

One of my hand charts of interest:

14.5 O       * < Official Bearish Resistance Line     
14   O         *
13.5 O       +   *
13   O     *       *       + < Bullish Resistance Line
12.5 O   + X *       *   +
12   O +   7 O *   X   *
11.5 O 6   X O   * X O   *
11   O X O X O     X O X   X
10.5 O X O X O   + X O X O X
10   O   O X O +   X O X O X
9.5      O   O X   X O X O X
9            O X O X O X B
8.5          O X O X O     + < Unofficial Bullish Support Line
8            8 X O A     +
7.5          O X O X   +
7            O X 9 X +
6.5          O   O +
                 +

If you pull up EGGS, notice the high of 23 on 3/19/99 and then the lower tops and bottoms and numerous sell signals. The first buy signal at 12.5 on 7/14/99 let me place the first revised Bearish Resistance Line on this downward trend.

This pattern is always of interest for me. It's a reverse head and shoulders and I like to see the flat top with at lease two columns<g>. If it hits 11.5 then it a) breaks the Official Bearish Resistance Line and its trend turns positive; and b) confirms an upside triangle breakout with the double top buy signal. Its vertical price objective is 23. Besides the obvious horizontal resistance, there's Bullish Resistance Lines at 13 and 17.

Let's watch and see what happens.

Take care,

Eric
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