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Strategies & Market Trends : Point and Figure Charting
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To: Ms. X who wrote (1494)3/5/1998 9:44:00 PM
From: Ms. X  Read Replies (1) of 34811
 
Semiconductor sector:

The chart didn't reverse yesterday but it did move from 66% to 62.4%. However, I took a peek at its condition after today and I believe we will see a reversal in this sector. What does this mean? As always watch your stops and if buying, select fundamentally sound stocks that have pulled back to support.

Lets look at some of the stock movements today:

INTC: Came right down to its bullish support line. Next support is at 71,70 and 68 and these would all be below the bullish support line. If you are cautious, wait for a buy signal before adding positions. Otherwise, if you are feeling speculative, buy here at support with a stop of 67.

MOT: Down in after hours trading to 51 I understand. This stock was already down heavily from its high of 65. A movement to 51 would break all support and would be a new low. Definitely wait for some buy signals before considering. RS is and has been negative.

XLNX: Moved up today in spite of Intel. It is sitting at a spread triple top resistance at 46 will break at 47. Still trading above bullish support line. RS is negative. Stop of 38 two double bottom breaks and violation of the bullish support line. Would wait for pullbacks before considering new positions because of the sector and RS risk factor.

AMAT: Broke a double bottom today but is still above its bullish support line which is at 32. Use a stop of 31 which would violate the bullish support line. A move to 39 would be a triple top buy signal.

MU: Still below bearish resistance line. Last signal was a double bottom break and there is resistance at 38. It could reverse from here and create another double bottom break at 31 and 29. Take care here.
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