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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (7123)9/10/1998 5:54:00 PM
From: Bwe  Read Replies (3) of 34811
 
Judy, with regard to PFE, I can't stress enough that the stock is at a critical juncture on it's p&f chart. Today's action caused the stock to move into a down column of O's and has brought the stock right on it's long term Bullish Support Line (BSL) that dates back to 4/97 at $41. A break of that long term support would be very bearish for the long term trend of the stock. $93 in this column of O's would cause a p&f sell and move the stock below the BSL....not a happy event for long termers. A Bearish Support Line also offers support at $91, but at that point the damage would have been done. The stock has reversed back up into a column of X's from O's at $98, $92, and $94 since August. The Bearish Resistance Line (BRL) from the July $120 high is now at $108. The stock has been below this line since July. PFE needs to break through the BRL with a buy signal to reverse this downtrend.

Important moving averages:

50 day MA: $107.55
150 day MA: $102.90
200 day MA: $96.27

Today's break and close below the 200 day is a negative as you know. For a long term investor in PFE there's reason to be concerned that the long term trend might be in the process of reversing down. The stock still has bullish RS.

What are your thoughts, Judy?

Bruce
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