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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (8121)10/2/1998 6:40:00 AM
From: Bwe  Read Replies (2) of 34810
 
Here we go again with PFE, Judy. One thing you said in a recent post that stuck out in my mind is that it was going to take a change in the fundamental story to cause the stock to break through it's 200 day MA. Well, the 200 day is at $98.38 and the BSL is at $98. A move to $99 would be a High Pole at the Bearish Resistance Line (HPB) which is a more severe pattern. I've written about the stock's previous HPT at $112 in July and the stock has yet to recover past that point.

Recall that in order for a trend line break to be considered valid, the move through the BSL must be accompanied by a p&f sell. The HPB would strongly suggest that a p&f sell was an eventuality, however, the stock would have to move to $94 to give the actual sell signal.

I expect that PFE's BSL will once again hold up despite this very weak market. The NYSEBP provides a more favorable market backdrop at 30% this time, and the Drug group is also in Bull Alert and in a low pole buy pattern at 36%.

S&P futures are currently -10 points and it looks like early weakness will be the order of the day. Using PFE as a proxy for the market in this conjecture, I see PFE opening up down through mid morning and eventually reversing at some point as buyers come in sometime during the afternoon. PFE can then make a higher low amd keep it's BSL intact.

By the way, Chartcraft has removed their short term po of 8,400 due to the recent action on the Dow 50 x 150 chart. Downside po is 7,550 and this fits in well with the scenario I envision for today.

Good trading, Judy.

Bruce
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