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Strategies & Market Trends : Point and Figure Charting
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To: chartseer who wrote (7887)9/26/1998 9:30:00 AM
From: Bwe  Read Replies (1) of 34809
 
Chartseer...I know you follow Y2K stocks and Computer Associates (CA) has a big presence in that area. Here's a quick look at the p&f chart. I'd be most interested in your take on CPWR and any other Y2K stock that you follow that might be of interest to the thread.

CA's p&f chart is gradually improving and the stock merits some consideration at these levels. Since making a low of $26 in August, the stock is making higher lows and is making higher highs. The stock has just moved into an Ascending Triple top pattern that in plain english is two consecutive p&f buy signals at successively higher prices. The bullish price objective for CA is $44 and I believe the stock is going to reach it.

Though trading below it's Bearish Resistance Line (BRL) which is at $50, the stock's RS chart has shown signs of reversing into an up column and that would be bullish. CA made two tops at $39 in August and that will surely be a test for the stock. CA also broke a short term BRL at $34 for another plus. The Software group is in Bull Alert status and that further reinforces my belief that CA has begun to turn the corner.

A reversal to $32 would be a High Pole Top pattern and that would be a bearish pattern to fall into here after such bullish chart action. The next p& sell would be at $29 and $28 would move the stock below two previous bottoms and would be bearish. Support also at $31.

Could someone add a little fundamental analysis to my p&f take.

Take care,
Bruce
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