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Strategies & Market Trends : Point and Figure Charting

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To: Judy who wrote (4865)	7/18/1998 8:55:00 PM
From: Smooth Drive	Read Replies (1) of 34811

Hello Judy, I see you mentioned ASND which I hand chart. It's a very interesting P&F chart because it affords so many opportunities to construct trend lines. From a bottom up look it's sitting at 54, which is right under a Bullish Support/Resistance Line (BS/RL) at 55. It's trending nicely between three of these types of trend lines. A rise to 55 would be a touch of the BS/RL and also give a double top buy signal (its fifth since its last sell signal on March 18th). There is single horizontal resistance at 55 and 56 that occurred approximately 12 months ago. But, the next BS/RL doesn't come into play until 64. If it reaches 57 on the P&F chart it does have some clear sailing potential. Its vertical count price objective is 68 and it has a RS in X's. As an aside, I'm currently studying P&F charts in conjunction with Bollinger Bands using three different time ranges and the additional indicators John Bollinger recommends. My BB newbie guess is up through the resistance. We shall see. Take care, Eric

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