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Strategies & Market Trends : Point and Figure Charting -- Ignore unavailable to you. Want to Upgrade?

To: Bwe who wrote (3668)	6/14/1998 2:06:00 PM
From: wizzards wine	Read Replies (1) \| Respond to of 34811

Bruce, In looking at U, another Airlines stock I see a very strong RS that has been in X's since mid Feburary 97 and steadly kept climbing. It's chart has been nice until this last double bottom sell, and goes then going into a triangle to break out to the up side to a high of 77. The chart and conditions look very much like the February 98 time period. In looking at IQC the Stochastics are approaching 80% and RS has pulled back from 80% to 76% in the past few days. P&F wise I'd look for U to pull back to 70-72 and then reverse back into X's. We'd really like to then see it make a double top at 78 giving yet another buy signal. Not making this next buy signal could be the second sign of lower tops. It's way above the long term trend line BSL down at 49, so I would be inclined to draw in an additional secondary BSL at under current support. If it were to break 63 it would not be a good sign short term. To give you an idea how strong the RS is, it would take a 69 with the DOW closing at 9300 to reverse this one into O's. Overall, a very positive stock. Just my thoughts, Later Preston