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Strategies & Market Trends : Point and Figure Charting
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To: papi riqui who wrote (2110)3/31/1998 3:37:00 PM
From: Ms. X  Read Replies (1) of 34811
 
Hi PR,
Not too good news on GIFI. RS is weak, momentums are negative and
as you can see below, it is trading below its trend line.
This would not be one of the strongest in the oil services group.
I'll point out the problems with the chart below:

25 | -------------------------------
24 * X * <----|
23 | * X O X * Lower tops
22 | * * X X O 3 O * |
21 | X * X O X O X O X * <--|Keeps bouncing off brl.
20 O ----X O * --X O X O X O X O ---
19.5 O X O * X 2 O X O X O Three consecutive sell signals
19.0 1 ----X O X --X ----O X O X O ---
18.5 O X X O X O X O X O X
18.0 O X O X O X O X --* O --O X -----
17.5 O X O X O O X * O
17.0 O --O X ----O * ----------------- <--Stop point.
Gifi needs to break that brl and flip its momentum positive.
Keep your eye on this one if you own it, otherwise no good entry here.

The oil services sector is still one of the best sectors to be in.
I know people want the stocks to go strait up but it is about positioning.
Oil will go back up someday. Look at the chart I provided on CHV.
If interest rates rise (and they will I bet) Oil and precious metals
will be the sectors to benefit from such a situation.
Oil service is a buy and a hold for current positions.

Take care,

Jan
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