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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (7650)9/23/1998 6:08:00 PM
From: Bwe  Read Replies (1) of 34809
 
Judy, PFE broke through it's Bearish Resistance Line (BRL) today at $102 with a Bullish Catapult formation confirming buy signal at $104. This is very bullish chart action. Also, the stock broke the $102 spell that it had been having difficulty with this month. The Bullish PO is $122. Bullish Resistance Line (brl) is at $126. PFE's recent chart action is a good example illustrating why a valid trend line break needs to be accompanied by a sell signal. The absence of a p&f sell on Monday was a key distinguishing feature that allowed the stock's uptrend line to remain intact despite an ostensible penetration of the BSL. The stock's RS calculation rose this week, although not enought to add another box on it's chart.

What do you think, Judy?

Bruce

PS- Another fine day for EMc today as it continues it's market leadership status. I will take some EMC chips off the table if the stock rises to it's po as I believe it will. In the oil patch, my Oil Service stocks are still in play and I'm very encouraged by the movement of the Oil Service Bullish % chart with it's move to 30%, up from 28%. The crude charts are acting very well and have all broken their long term downtrend lines (BRL). The price of oil is the psychological key to the chart action of entire group. I like Veritas DGC (VTS) very much and I'll write a p&f analysis in the next day or so.
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