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Strategies & Market Trends : Point and Figure Charting

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To: XOsDaWAY2GO who wrote (7106)	9/10/1998 1:40:00 PM
From: Judy	Read Replies (2) of 34811

Barbara, 57 should be the trading pivot point for IMNX, based on a glance at the tape. The 200-day ema on IMNX is at 60ish, and 57 1/2 is the lower buffer zone boundary for strike 60. Clearing of option positions often ensues 7-8 trading days before expiry, so the stock moving down to 57 1/2 to clear out strike 60 would not be abnormal. But I'd expect it to recover back near its 200-day ema to confirm the trend reversal back up. IMNX gapped up from 57ish to close above its 200-day ema on low volume the other day. The stock gapped down today from 57ish on low volume to violate support today, and retraced up on hefty volume back to 57+. One could surmise mm's were acquiring inventory at the low's .. provided IMNX holds and pivots up at 57ish.

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