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Strategies & Market Trends : Point and Figure Charting
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To: ViperChick Secret Agent 006.9 who wrote (3467)6/8/1998 4:47:00 PM
From: wizzards wine  Read Replies (1) of 34811
 
Hi Lisa, TXN is RS Sell in O's but will move
up 2 boxes with todays high of 54. Momentum
has been negative for 3 weeks and there is a
lot of support at 52.

It has not given a buy signal yet however it
could go up a long way before producing one
if it does not reverse back into O's first.
Since I do not have Tom's permission to copy
his charts to the thread, I'll try to type a
simple chart for you to illistrate.

69 X??? If it goes up without reversing
68 X ? it would need to get an 69 to
67 X O give a double top buy signal
66 X O
65 X O
64 X O
63 X O
62 X O
61 X O
60 X O
59 O
58 O
57 O
56 O
55 O
54 O X < New X's for today
53 O X <
52 O X
51 O X
50 O X
49 O X
48 O
47

Judy, as you can see, you do not
need a buy signal to get in trouble
here if you are short. It may be that
the stock will reverse back down into
yet another column of O's and then you
would need and X to exceed the provious
column of X's to give you that buy signal.

I believe that would spell trouble. For right
now, your question will be "How high on this
column of X's will you ride?"

The stock has dropped 19 boxes and Tom's rule
is that if a stock drops 20 boxes than buy it
on the first 3 box reversal, as this is usually
profitable if the stock has dropped down quickly.

Judy, I don't follow TXN so I cannot be of much
further help. Good luck and if i can be of
further help, just ask away.

Later
Preston
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