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Strategies & Market Trends : Point and Figure Charting

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To: Judy who wrote (7377)	9/21/1998 3:10:00 PM
From: Bwe	Read Replies (1) of 34811

Judy, unless PFE can hit $104 before today's close, it looks like the chart will reverse into a down column of O's as the stock hit a low of $95 this morning. The Bullish Support Line (BSL) is at $96 and the stock ostensibly penetrated the BSL this morning, however, a trend line break is not considered valid unless it occurs with a p&f sell signal. PFE would have to move to $93 in this column of O's for this to be a valid break of the stock's long term uptrend line. At $93, PFE would give a triple bottom sell signal and would indicate a major turning point on the stock's p&f chart. If the scenario I just outlined does not occur (the stock is up $1 3/4 at $98 7/8 as I write this), today's action will put in another brick of support for PFE's long term BSL. This will be the fourth time the stock has touched or come within one box of the BSL in September. The stock is at a critical juncture and it pays to watch the progress of the p&f chart very closely. Your commentary of September 16th with regard to PFE was on the money, Judy. Keep the board updated with your thoughts on the stock. Take care, Bruce

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