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Strategies & Market Trends : Point and Figure Charting
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To: Anthony Wong who wrote (11392)12/11/1998 11:56:00 PM
From: Smooth Drive  Read Replies (2) of 34811
 
Hello Anthony,

Interesting links. EDS is also an interesting P&F chart. Although I've looked at it on occasion, I didn't hand chart it until tonight. I have updated my Chartcraft Option Chartbook (page 183) and post a small portion of it here with permission from Chartcraft, Inc.

   *
50 X *
49 X O *
48 X O   *
47 X O     * < Canceled Bearish Resistance Line
46 X O       *
45 3 4         *                   + < Bullish Resistance Line
44 X O X         *         X     +
43 X O X O         *       X O +   X < Double Top Buy Signal
42 X O X O     X     *     X O X   X
41 X O   5     X O     *   X O X O X
40       O X   X O       + X O X O X   + < Revised Bullish S/L
39       O X O X O     +   X B   O X +
38       O X O X O   +     X     C + < Double Bottom Sell Signal
37       O X 7 8 O +       X     +                 
36       O X O X O X   X   X         + < Bullish Support Line
35       6 X O X O X O X O X       + 
34       O   O   O X O X O X     +
33               O X O   O X   +
32               9 X     A X +
31               O       O +
30                       +

The stock is in the Computer Sector which is in Bull Confirmed at 60. Its relative strength is on a sell signal but currently in a column of X's (outperforming the DJIA). Its bullish price objective off the bottom was 70 (13*3)*1 + 31, but the sell signal that occurred at 38 requires a new price objective which is an incomplete (needs to reverse to be complete) 53 ((5*3)*1)+ 38.

This stock has found good support at various times in the 30-31 area since early 97. You can see the double bottom sell signal that occurred at 38 on 12/2/98. However, that's the first sell signal off the bottom and usually not a worry, but rather another buying opportunity after reversal back up. The double top buy signal at 43 happened today. You can see the horizontal resistance at 44 and the Bullish Resistance Line waiting as a possible obstacle at 45. If it should reverse down there could be support at the Revised Bullish Support at 39 and the active Bullish Support Line down at 36.

Guess we'll see.

Take care,

Eric
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