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Strategies & Market Trends : Point and Figure Charting

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To: Judy who wrote (7866)	9/25/1998 6:01:00 PM
From: Bwe	Read Replies (1) of 34810

Hi Judy....Did some work on Noble Drilling (NE) and thought you and others on the thread might be interested. Noble Drilling's point & figure chart is somewhat of a mixed bag. The stock has moved from a bottom fishing pattern (a low pole buy at $14), to a triple top buy signal at $16 1/2, with an upside price objective of $26. After the buy signal, NE moved up to $17 1/2 and moved into a bearish High Pole Top (HPT) pattern at $15. With the overall market in Bull Alert status and the oil service sector also in Bull Alert status, the HPT suggested near term weakness and a possible move to the Bullish Support Line (BSL) at $13 1/2. The BSL is the bottom of this current new uptrend for the stock I believe. A Bullish Resistance Line (brl - abbreviated with lower case letters because it is a secondary trend line) provides initial resistance at $19 1/2 and a second brl offers resistance at $25. The most important resistance line in NE's future is the Bearish Resistance Line (BRL - capitalized due to it's status as a primary trendline), drawn from the April high of $33. This vital downtrend line is at $24, and it is imperative that NE break this resistance while on a p&f buy signal. An upturn on the stock's relative strength chart is also needed to turn the main trend from bearish to bullish according to p&f charting methodology. Important moving averages: 50 day MA: $16.28 150 day MA: $24.53 200 day MA: $25.31 Have a great weekend. Bruce

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