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Strategies & Market Trends : Point and Figure Charting

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To: Judy who wrote (9173)	10/31/1998 7:40:00 AM
From: Bwe	Read Replies (1) of 34811

I know you follow Chase Manhattan, dear Judy, and I thought you'd be interested in the latest p&f. CMB had a Bullish Catapult formation at $57. The broken Bearish Resistance Line (BRL) acted as good support on the pullback to $52. A good sign. Support now at $50. Long term support off the bottom is the Bullish Support Line at $41 and a Short Term Uptrend Line (STUL) is support at $44. I'm glad Eric has been posting about revised trend lines of late because I think they provide great additional clues for the chartist. The Bullish Resistance Line (brl) has already turned back the stock once at $56 and is now at $58. If the stock can break the brl, then the next stop is the brl at $66. Since reaching a relative strength low vs. the Dow on 10/7, CMB has subsequently outperformed the Dow on 12 out of 17 trading days. The next step is an upmove on the stock's p&f RS chart. Now that the stock is out from under the dominion of the Bearish Resistance Line, a reversal up on the stock's RS chart will once again place CMB's main trend in a bullish mode. A bullish RS chart, and whether a stock is trading above it's Bullish Support Line or below it's Bearish Resistance Line are the two ingredients that p&f chartists look for to determine the main trend of a stock. Take care, Bruce

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