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Strategies & Market Trends : Point and Figure Charting
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To: Lyn Benson who wrote (3278)6/1/1998 4:24:00 PM
From: Ms. X  Read Replies (1) of 34811
 
Hi Lyn,
LGND broke a double bottom but it is still above the bullish support
line (as of yesterday, I don't have today's info). Your stop would be
12, a break of that trend line.

The momentums are negative and the RS is still weak so you should be
careful. The sector is at 46% and in X's so there is some strength there.
All in all it seems to be holding up.
I'd say watch it and make sure it doesn't break that trend line.

19.0 ----------+-----------------------------------------+------------
18.5 | * |
18.0 ----------+-----------------------A * --------------+---------Top
17.5 * X X O * |
17.0 ----------X * ----------------X O X O X * ----------+------------
16.5 X O * X O X O X O * | X
16.0 --9 --X --1 O --* ------------9 O --O X O --* ------+-X --X O ---
15.5 * X O X O X O X * X O O X * | X O 3 O
15.0 --X O X O X O X O --* * ------X --------O X O --* --+-X O X O Med
14.5 X O O X O X O X * X O X O * | X O X 4
14.0 --X ----O X O --O ----X O * --X --------O X B C ----* X O --O ---
13.5 X O C O X O 7 * 8 * O O X O | X 5
13.0 --X ----O X ----2 ----6 O X O X ----* ------O X O X | X ---------
12.5 O X * O X * O X X O X O X * O O X O 2 *
12.0 O X * --A X * --O X O X O --O --* --------------O X O X --* --<--Stop point.
11.5 O * B * O X O 5 * O 1 X *
11.0 * ------* +-----3 X O X ----* ----------------------O * ------------------
10.5 | O 4 X * *
10.0 ----------+---------O X * --------------------------+---------------------
9.5 | O * |
9.0 ----------+---------* ------------------------------+---------------------
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