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Strategies & Market Trends : Point and Figure Charting
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To: Ms. X who wrote (13173)1/27/1999 8:21:00 PM
From: Gwolf  Read Replies (2) of 34809
 
Jan, while your looking for short candidates how about taking a look at the multinationals that are getting hurt by the slow down in the global economy. I have three in mind JNJ, MO, PG. Let me give you my newbie view and will you tell me if I have any clue as to what I'm talking about.

MO - It had a HP, broke a triple bottom, Broke the L.T. BSL and broke below the support of old highs and Slick Willie wants to get 'em. It looks like any rally back to the old highs at 49 and the BSL at 50 would create resistance and be a good place to go short. A move to the 51 area would break back above the BSL and would create a LP so you would want to place a stop at 51-52. Asians can't afford to buy crackers and cigarettes at the same time any more.

PG - Had a Bull Trap at 94, broke major support and Triple bottoms at 84 and 83, broke the BSL. It has now rallied back up to the BSL and has resistance at a Triple top. Looks like a good place to short at 87 with a stop at 89-90 which would be a break of the triple top, break up through the BRL and regain the BSL. The Asians can't afford to buy soap anymore.

JNJ - Had a HP back at 99, broke it's L.T. BSL in August, It has rallied back up to it's BRL which is also resistance at old highs. Short it here at 84 with a stop at 85-86 which is break of the tops and the BRL but watch out for a potential Bull trap and a potential HP at 85-86. The Asians can't afford Baby Powder any more.

Okay start throwing rocks I need the education.

Gwolf
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