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Strategies & Market Trends : Point and Figure Charting
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To: bobster who wrote (809)2/19/1998 2:32:00 AM
From: Ms. X  Read Replies (2) of 34816
 
Hi bobster,

Trend lines. The bullish support line is created when a stock is in a steady up trend. The first bottom O is used for the beginning point and then drawn 45 degrees up from that. As long as a stock continues to trade above it we say it is trading above the bullish support line. Once a stock violates that line a bearish resistance line is started. It starts at the highest X on the chart from the uptrend. I believe the angle is 135 degrees (I'm not sure really). Once a stock breaks this bearish resistance line, it can start a new bullish support line.
I'm sure this is all crystal clear now, right? :-)

ACF: First thing first, the sector. It is at 64% and the last count had it still heading up however, I looked at the momentum for the week and it was decidedly negative. RS is in a column of O's and doesn't look to reverse up soon. Trend is positive and trading above bullish support line. Last signal was a triple top buy at 29. Momentums mixed with daily negative. Would be OK on a pullback with a stop of 20.

NR: Sector is good at 48%. Trading above bullish support line while the RS is in a column of O's. OK to buy on a pullback around 17.5 with a stop of 14.5.

NAUT: This one looks interesting. Good sector. Rs was negative but has reversed up. It broke through the bearish resistance line at 29 and is now sitting at resistance at 30. You could wait for it to break resistance (to be sure) and then buy on a pullback around 27 with a stop of 21 violation of the bullish support line.

Hope this helps,

Jan
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