Point and Figure Charting Message Board

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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (2669)	4/30/1998 6:04:00 AM
From: Bwe	Read Replies (1) of 34810

Interesting chart on SLB. It took the stock six attempts to clear this resistance at $80-81. Coming off a bull trap at $81 to complete the catapult formation and now the upside price objective is $108. Bullish resistance line at $89 could provide the first bit of congestion. Next bullish resistance line at $97. Remember how the oil sector stocks in late Oct/early Nov., foreshadowed the drop in oil prices to come. The opposite may be true in this case as the oil service stocks are strong with oil in the lower/middle end of it's trading range. Take care, Bruce

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