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Strategies & Market Trends : Point and Figure Charting

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To: Ms. X who wrote (3249)	5/31/1998 10:45:00 AM
From: Bwe	Read Replies (2) of 34811

Hi Jan, Hope all is well. I've been a long time holder of Computer Associates (CA) and I thought I'd do a writeup for those interested: CA's p&f chart is at a critical juncture The stock is currently on both major and minor support and is on a triple bottom sell at $56. The downside price objective is $43 and counting (incomplete vertical count). If the stock breaks this price level, odds are a trip to $47 is in the cards. The stock has been locked in a trading range between $45-$60 since 9/97 and it looks like holders are headed toward the lower end of the range. Probably a good buy in the mid $40's but very risky buying right here. Supply is in control of the stock right now and a 3 box reversal (to $55 from here) would indicate demand is in charge and to expect higher prices. 10 week MA: $56.76 30 week MA: $56.88 CA's been a long time friend of my portfolio but I have a stop under the BSL at $50. I've been looking at CSCO and that one looks perilous too with it's high pole top pattern. Another stock that I'm looking at is TYC as it looks to be basing here and is a recent Zacks portfolio recommendation. With the market as weak as it is the stock will probably come to me. Chartcraft recently sold their Tyco Int'l position but their recent commentary on the stock is a s follows: "We recently exited this from our portfolios. We'll try to buy back at lower prices. They are taking over US Surgical" " Interesting story this TYC. Also, the recent "From the Analyst" piece from the DWA site highlights Bell South (BLS) which is in Bullish Shakeout Reversal and looks to be a good defensive play. Your comments, of course, would be greatly appreciated. Speak to you soon. Bruce

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