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Strategies & Market Trends : Point and Figure Charting
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To: Jerry Olson who wrote (11100)12/7/1998 10:31:00 PM
From: Smooth Drive  Read Replies (3) of 34818
 
Hello Jerry (MSFT)

MSFT is an interesting P&F chart. It's a fun one to hand chart because there's always activity. Here's how a portion of mine currently looks:
        
136
134
132                             X   + < Bullish Resistance Line
130                     X       X +
128                     X O X   X
126                     X O X O X
124                     X O X O X
122                     X O   O
120                     X *
118                   + X   *
116                 +   X     * + < Short Term Uptrend Line
114 X             + X   X     + * < Bearish Support Line
112 X O         +   X O X   +
110 X O       +     X O X +
108 X O     +       X O +       + < Short Term Uptrend Line
106 X O   +     X   X +       +
104 X O +       X O X       +
102 X O X       X O X     +
100 X O X O X   X O     +
99    O X O X O X     +
98    O X O X O X   +           + < Revised Bullish Support Line
97    O   O X O X +           +
96        O X O +           +
95        O X +           +
94        O X           +
93        O X         +
92        O X       +
91        O X     +
90        O X   +
89        O X +
88        O +
87        +
86
85

MSFT IS trading light years above its official Bullish Support Line (BSL) which is at 70. There is a Revised Bullish Support Line for a traders resistance point currently at 98. Also Short Term Uptrend Lines for traders resistance points at 108 and 116. Bullish Resistance Lines at 128, 142 and 154. Relative strength recently turned positive (again).

What a nice chart of rising bottoms and tops. The action today closed the 132 box. This current pattern is interesting in that it's currently fashionable to say we had a double top buy signal at 130 and a spread double top buy signal at 134. However, in both A.W. Cohen's book How To Use the Three-Point Reversal Method of Point & Figure Stock Market Trading and Carroll Aby's Point & Figure Charting, The Complete Guide, this pattern (when the X hit 132) is considered a triple top.

The bullish price objective (using the Chartcraft method) is ((12*3)*1)+ 88 = 124. Hence, the bullish price objective has been hit and exceeded. Clearly trading at the top of its 50 day moving average trading range.

>>My best Tech play is MSFT...my target is 160-170 non stop...<<

You could well be right. Guess we'll see.

Take care,

Eric
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