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Strategies & Market Trends : Point and Figure Charting

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To: wizzards wine who wrote (2430)	4/21/1998 5:49:00 PM
From: Bwe	Read Replies (1) of 34812

Thanks so very much, Jan and Preston. Your quick responses to my inquiry concerning NRVH were terrific. Jan, thanks a bunch for the chart. Where is the long term bullish support line now at? I see the stock had a high pole top at $36 in February. The stock subsequently retreated to as low as $26 off that formation. From what I've read in Tom's book, he looks at High Pole's as a warning, but the Chartcraft method views them a bit more seriously. In particular, High Poles at the Bearish Resistance line are the more serious of the two types of formations and can indicate that serious damage is forthcoming to the stock price. I bought into NRVH today at $36 3/4 on a fundamental basis and seeing the p&f chart only reinforces my convictions. Bull trap at $35, but with analyst's sure to raise eps estimates after the company's excellent quarter, I don't see it happening. Stranger things have happened though and thanks to your chart I'm now aware of my beloved p&f technicals. Glad I found you all! Bruce

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