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Strategies & Market Trends : Point and Figure Charting

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To: Judy who wrote (9168)	10/30/1998 7:05:00 AM
From: Bwe	Read Replies (1) of 34817

Good morning, Judy. EMC gave another p&f buy signal at $65 yesterday adding more evidence to an already very bullish case. This cleared out three previous tops made by the stock at $63 and $64. The bullish price objective is $108. Trend line resistance next at $67 (Bullish Resistance Line - brl) and then at $77 (a brl dating back to a base from 10/95 at $8). The latter brl has been a great guide as the upper end of EMC's trading channel since it's inception. I did some work on NOVL for a friend and that stock also looks very good. Do you follow NOVL? The stock gave a double top buy signal on 10/19 at $13. The bullish price objective is $18 1/2. At $14, NOVL cleared the top from July at $13 1/2 and two previous tops from 2/97 at $13 1/2. This is very bullish. The May '96 top of 16 1/2 is the next stop. NOVL has formed a rounded bottom which is also very bullish and can lead to big price advances. Also, the stock's current relative strength value would be enough to reverse the chart up into a column of X's for the first time since 11/97 and that was only for a brief spell. Column reversals are very bullish on a stock's RS chart. To show NOVL's strength, after the August sell off, the stock had a bear trap reversal where a stock gives a triple bottom sell signal only to reverse right back up without dropping another box after the sell signal. The bear trap led to two consecutive buy signals at $12 1/2 and the one I described above. NOVL look like it has great potential to make the price objective (po). A Bullish Resistance Line (brl) is the best case scenario at $24. NOVL looks very, very good! Looking forward to hearing from you. Bruce

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