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Strategies & Market Trends : Point and Figure Charting
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To: Judy who wrote (9355)11/8/1998 8:28:00 AM
From: Bwe  Read Replies (1) of 34811
 
Judy, I also took a p&f look at VTS and DO, almost forgot. Here's what I found:

VTS: One box away (at $22) from a confirming Triple Top (TT) buy signal. Just broke a short term downtrend line which broke resistance. Making higher bottoms and still on a buy signal with a price objective of $33 1/2. RS is in a column of X's and on VTS' RS chart, the actual signal will come too late in the game for it to be meaningful (e-mail me if you want a further explanation as to why), so I would consider VTS' RS chart to be bullish.
The BRL is at $35 and the stock has room to move to that level. Support at $19 1/2, then at $18.

DO: RS in a moved into an up column like VTS in September and DO's RS chart is in the same boat as well. The column is determining the RS signal and by that measure DO has bullish RS. The main resistance line, the Bearish Resistance Line (BRL) from the May $54 high is at $39. Another resistance line (Bullish Resistance Line - brl - lower case due to it's secondary trendline status) is also at $39. A move to $34 would clear two previous tops and would be a confirming buy signal. DO is currently on a buy signal from October at $29 with a bullish price objective of $57. Also similar to VTS in that the stock has broken a short term downtrend line but is below it's primary bearish trendline. Still a trading situation, but within range of a long term play. Support at $27 and then $24.

Take care,
Bruce

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