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Strategies & Market Trends : Point and Figure Charting
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To: Al Serrao who wrote (12750)1/15/1999 2:02:00 AM
From: Smooth Drive  Read Replies (3) of 34809
 
Hi Al,

Thank you sir.

Let's do some CHART'N THE DOW

Proctor & Gamble's got an interesting chart. Here's a look:

95                               *
94                               X *
93                       X       X O X     + < Bullish Res Line
92                       X O X   X O X O + 
91                       X O X O X O X O *
90                       B O X O X 1   O   * < Unoffical BRL
89                       X O X O X *   O
88                   X   X O X O X   * O
87                   X O X C X O X     O
86                   X O X O   O X     O * < Bearish Support Line
85                   X O       O X     O                       
84               X   X O       O X     O
83               X O X         O       + < Bullish Support Line
82               X O X               +
81               X O               +
80               X               +
79           X   X             +   
78           X O X           +
77           X O X         +
76           X O         +
75   X       X         +
74   X O X   X       +
73   X O X O A     +
72   X O X O X   +
71   X O   O X +
70 O X     O +
69 O X     +
68 O X   +
67 O X +
66 O +
65 +

From its reversal off the bottom on 9/18/98 PG had a very nice trending P&F chart until its high of 93 on 11/23/98. That first sell signal off the bottom at 70 on 9/30/98 was a screaming buy more signal that close to the BSL. I consider its action since 93 to be sideways or trading range.

Also interesting to note that it's 1) RS buy and in a column of X's; 2) in the defensive food sector (yes it did reverse down); and 3) right down on the Bullish Support Line, and that makes the small risk stop loss a no thinking 82 -- which is a true penetration of the BSL. BTW, I only take positions on positive reversals and on pull backs very close to the BSL.

Hit a high of 94 last July and recently as well. That's its current maximum previous horizontal resistance and its red zone. It will be very difficult for PG to break this area. The first Bullish Resistance Line is depicted above and the 2nd one is way up at 105.

Think it'll trading range back up and pick up and easy 8-10 points here?? Maybe even break that old resistance. Or, drop through the BSL. Hmmmmm -- what do you think Al, Bruce, Judy, anyone.

Take care,

Eric
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