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Strategies & Market Trends : Point and Figure Charting
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To: Teddy who wrote (2250)4/5/1998 9:59:00 AM
From: Ms. X  Read Replies (1) of 34811
 
Teddy,
NE is still looking good but we still want a pullback.
Take a look at the chart. See where it has extended itself
to resistance almost to the top of the trading band.
Pullback to 28 would provide a better risk reward.
If the market risk were less we might say go ahead and then add on
pullbacks but the market is very extended right now. Even though
oil service is one of the better places to be, you still want to
stack things in your favor. NE is definitely one to consider in
this group...Jan I am

39 * |
38 X * <--Resistance
37 X X B O * | Top
36 X O X O X O * |
35 ---------------------X O X O X O ----* --------+------------------
34 October '97 -->A O X O X O X <--Resistance
33 X O O X O X O X <--Resistance ---> 4
32 X X O X O X O C O * | X
31 X O X O X O O X O * | 3 X
30 -------------8 --9 O X ----O ------O X O X --X * --------X O X ---
29 X O X O O O X O X O X 2 X O X
28 X O X O X O X O X O X O X O X <--Still good pullback and buy point.
27 X O X O * O X O X O X O X O X
26 X O X * O 1 X O O * O X
25 -------------X O X ------------------* --------O X ----* --O X ---
24 7 O * O X * O <--Shakeout.
23 6 X * O X * <--Stop loss
22 X O X * January low-->O *
21 X O X * *
20 ---------X O --------------* ------------------+------------------
19.5 X * |
19.0 X ------X ------------* ----------------------+------------------
18.5 X O X X * | Bot
18.0 X O X O X --------* --------------------------+---------------------------
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