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Strategies & Market Trends : Point and Figure Charting

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To: chartseer who wrote (11007)	12/6/1998 8:42:00 AM
From: Bwe	Read Replies (4) of 34816

DELL update: The HPT at $62 led to a short lived sell signal at $61 that met support from the Bearish Support Line at $59. DELL turned around and gave a buy signal at $68, but the immediate pullback was not a good sign. Further evidence that the BRL (currently at $69) is in charge of the chart. Important support is at $58 from an Intermediate Uptrend Line (IUL). A Short Term Uptrend Line is at $61. The BSL is at $50. With DELL's RS bearish and with the stock trading below it's BRL, I would look to buy DELL for a trade closer to the IUL to ensure a better shot at short term profits. The next sell signal would be at $59, but with the IUL so close to that bottom, a sell at $59 would probably not cause too much damage. Of course, the overall health of the market would have to be taken into consideration. From a long term perspective, which is the one that I personally operate under, I would need to see the BRL fall while the stock was on a buy signal. I'm quite sure that if the stock were to give a buy signal at $69, not only would the BRL be taken out, but DELL would be that much closer to reversing up on it's RS chart into an up column, a place it hasn't resided in since September. All IMHO, Bruce

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