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

To: Steve Hufnagle who wrote (4126)6/26/1998 10:53:00 AM
From: Ms. X  Read Replies (1) | Respond to of 34808
 
Hi Steve,
SMTK: First off, the RS is negative and it is trading below its trend
line. The break down came in April when it broke a double bottom and
the BSL at 23. Since then it has formed some support at 16.5 but
rallies can't seem to create any buy signals. Resistance at 21.
It is in a column of X's now but has a ways to go for the first buy
signal at 22 which would also break the bearish resistance line.
Would wait for this signal at 22 before initiating positions. Stop
for now, is 16.

30 -------------------------| ----------X ---------------------------
29 | X O X *
28 X X X * | 2 X O X O X *
27 X O X O X O C * | X O X O X O X O *
26 X O B O X O X O * | X O X O 3 X O 5 *
25 -X O X O X O X O --* ----| ------X O ------O X 4 X O * -- ---
24 X O X O X O O * | X O * O X O *
23 X O O X O * |Breakdown in April-->O X O *
22 X O X O X X O X * O X O * ? <--Triple top break.
21 O X O 1 O X O X * O O X X ?
20 -------O ------O X ------X O X O X --* ------------O X O X O ?
19.5 O X O X X O X O X * O X O X O ?
19.0 --------------O X O X O X O X O * ----------------O X 6 X O ?
18.5 O O X O X O * * O X O X O X
18.0 ------------------O X O X * ----------------------O X O --O X ---
17.5 O X O * O X O X
17.0 ----------------* O --* | ------------------------O X ----O X ---
16.5 * | O O
16.0 ------------* ----------| ---------------------------------------
15.5 * |
15.0 --------* --------------| ---------------------------------------
14.5 * |
14.0 ----* ------------------| ---------------------------------------


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