Trading IOMEGA based on technical analysis Message Board

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Non-Tech : Trading IOMEGA based on technical analysis

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To: Rocky Reid who wrote (1408)	3/31/1998 7:42:00 PM
From: Ben Antanaitis	Read Replies (2) of 1511

Rocky, Point and Figure charts do not have 'time' as a driving function, just price changes, so yes IOM can stay in the current channel and hover until some external force comes along to drive the price up or down enough to influence the chart. Right now IOM is in a downtrend column ('O'), below a bearish resistance resistance line. But it has touched the S1 support point, and bounced up off it, and is oscillating +/- 2% around $7. It takes a 3 box, or 6% cumulative price change to create a new column and direction change in point and figure methodology, ie IOM has to exceed $7.3 to reverse the current downtrend column into an uptrend column ('X'). Ben A.

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