Point & Figure - Beginners (Real Green) Message Board

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Strategies & Market Trends : Point & Figure - Beginners (Real Green)

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To: ~digs who wrote (151)	1/5/1999 8:25:00 AM
From: David N. Jones	Read Replies (1) of 322

~protege, As Chartseer does not have a p&f chart to view for GRDN I will give you my read on the chart. GRDN is trading below it's bearish resistance line that was drawn in from the high of $3.32 when the stock gave a double bottom sell signal at $2.54 penetrating the bullish support line. Subsequently GRDN has given a double bottom sell signal at $2.33 and a further double bottom sell signal at $1.59. GRDN reversed into a column of X,s on 1/4/99 after breaking two spread double bottoms and coming to rest right at the bearish support line. A reversal to a column of O's from here and subsequent double bottom break at $1.22 would find no support until .88 where the stock has found previous support in August '97 and February '97. Resistance from here is at $1.89 where the stock would need to break a double top, while the bearish resistance line awaits at $2.47. Without knowing the fundamental story GRDN looks good for a trade only with a stop at $1.22. The chart was viewed using a 3% log scale and 3 box reversal. Regards David

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