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Strategies & Market Trends : Point and Figure Charting

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To: Jerry Olson who wrote (8168)	10/2/1998 6:29:00 PM
From: Bwe	Read Replies (1) of 34811

As Judy has suggested, a change in PFE's fundamental status will be foreshadowed by a break of the 200 day moving average. As a p&fer, I concern myself with the BSL which was able to hold once again today. Today's chart notation for PFE was to add the boxes of O's down to $97. this is one box below the BSL which is at $98. To be considered a valid trend line break, a move below the BSL must be accompanied by a sell signal. The chart moved into a VERY BEARISH pattern called a High Pole at the Bearish Resistance Line (HPB) at $99. I wrote about this situation in this morning's post. However, the market backdrop is a critical addition to the p&f analysis and that is a critical factor. Looking back to December on Pfizer's p&f chart, the stock was able to shrug off a HPT at $73 and then a HPB at $74 in January while the NYSEBP was in Bear Correction and then Bear Confirmed modes. The stock hit $120 by April. You might be right, Options Jerry, something might be amiss fundamentally. I'll let the p&f chart be my guide. Bruce

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