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Strategies & Market Trends : Point and Figure Charting

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To: Smooth Drive who wrote (6531)	8/31/1998 7:45:00 AM
From: Bwe	Read Replies (1) of 34811

Good morning Eric, Myron and all, Myron, you can now add the Bullish Resistance Line (brl - abbreviated with lower case letters because it is a secondary trend line) to further fine tune your vertical po for MTC as Easy E explained. This is how you do it (paraphrasing Burke). A brl can be drawn whenever there is a "wall" of O's that has AT LEAST two O's above the highest X in the next column. Here's how it looks: O O <-------you can start drawing in your brl here O X O X O O X O O X O O brl's are quite helpful in giving a p&fer a good idea of the upper channel of a trading range once an uptrend has begun. The Bullish Support Line (BSL) will provide the lower end of the uptrend channel. brl's are great to use with vertical po's to give you an idea where the current up move could run into trouble. With regard to MTC, you can draw in a brl from the wall of O's provided in August '97, starting above the highest X in the next column which ends at $45. You start the brl at $46. This brl is currently at $84. I'll post a Chartcraft Report this morning. Take care, Bruce

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