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Strategies & Market Trends : Point and Figure Charting

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To: Steve Hufnagle who wrote (9846)	11/18/1998 11:17:00 AM
From: Bwe	Read Replies (1) of 34808

Steve, My post with regard to EMC's Buying Climax was in no way a suggestion to sell the stock. I wrote about the implications of Buying/Selling Climaxes a few posts later in response to a question from Judy. BC's often have short term implications and their effect on the longer term trend of a stock must be looked at with many other factors taken into consideration. Going back on EMC's chart to 12/95, it's only been possible to draw in two Bullish Resistance Lines (brl). brl's are good indicators as to the upper end of a stock's bullish trading channel. I've found the brl from the Dec/Jan 97/98 base to be the most useful. It is often broken to the upside for short periods but the stock usually ends up trading below it again after a short while. That brl is now at $74. A trader or investor can't go wrong trimming or reducing his/her position at a long term brl. The long term bullish price objective for EMC is $108, so a long term investor is probably best served keeping a core position in the stock at these levels because the upside looks so promising. All IMHO, Bruce

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