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Strategies & Market Trends : Point and Figure Charting

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To: David who wrote (15669)	3/15/1999 12:17:00 AM
From: Ben Antanaitis	Read Replies (3) of 34811

David, As you are new, I'll refer to a Chartcraft scaled MSFT chart for this discussion. MSFT is in an overall Bullish trading channel, but it has been making lower highs and higher lows lately. While it is technically on a 'buy' signal, it is currently in a columns of O's, after bouncing off a bearish resistance line that can be drawn starting from the January high of 174. There is an intermediate bullish support line at 152, that has held and not be penetrated since it started in December at 122. So, we've got an immovable object getting near to an irresistible force.... if MSFT breaks through the intermediate bullish support line at 152, the next support point looks like 138 or so. But if it breaks through the bearish resistance line at 162, 170 and then 182 would be upside resistance areas. Which way is it going to break... I don't know. That help? Ben A.

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