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Strategies & Market Trends : Point and Figure Charting
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To: Bwe who wrote (3036)5/14/1998 9:29:00 PM
From: Ms. X  Read Replies (2) of 34811
 
Interesting stock - PXXI

Took a look at this stock today and noticed back in January it
completed a beautiful bearish signal reversal at 12. It then ran up
nicely to 20 in April. It met resistance twice at 20 and looks to be
creating another bearish signal reversal. The relative strength is in
X's and on a buy signal but the momentums have turned negative. The
monthly momentum is positive until 15.3 at which it will turn
negative. Support at 15.
The sector is in Bull Confirmed at 64%.

I'd say keep this one on the idea list to see if the bearish signal
reversal pans out and to make sure it doesn't break the bsl. I say
wait because if this isn't the start up of a bearish signal reversal,
what we have here is a stock that has created two consecutive sell
signals and lower tops. It could continue down. It is one to watch.

Here is the chart.

22 | | Top
21 | |
20 -+---------------------------------------+---------X --X ---------
19.5 | | X O X O
19.0 +---------------------------------------+---------X O X O 5 -----
18.5 | | X O X O X O
18.0 +---------------------------------------+---------X O --O X O ---
17.5 | | X X O X O
17.0 +---------------------------------------+-----X O X ----O --O ---
16.5 | X X | X O 4 O
16.0 +---------X O X O ----* ----------------+-----X O X --------O ---
15.5 | X X O X O B * | X O X
15.0 | X O ----X O X O ----X O * ------------| X --X O ---------------
14.5 | X O X O X O X X O * | X O X *
14.0 | X O X --X O X O X O X O ----* --------| 2 O X ----------* --<--Stop point
13.5 | X O X O X O O X O X O X * | X O X *
13.0 | X O X O X ----O X O --O X O ----* ----| X O X ------* ---------
12.5 | X O X A O X O X O C * | X O X *
12.0 | X O X --------O X ----O X O X O X --* | X 3 ----* -------------
11.5 | X O X O O O X O X O X * X *
11.0 | X O ----------------------O * O X O X O X --* -----------------
10.5 | X * O O X O X *
10.0 | X ----------------------* --------O --1 * ---------------------
9.5 | X * *
9.0 | X ------------------* ----------------+-----------------------
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