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

To: Margaret Mateer who wrote (4386)	7/4/1998 8:47:00 AM
From: Bwe	Respond to of 34811

Thanks for the nice words, Peggy. An interesting aspect of the bull trap formation is how it sneaks up on the investor. With regard to FON, could you have had a better base from which to launch a move to the upside than the base formed from May through June. But that's one of the characteristics of the bull trap formation, they tend to form in resistance areas near all time highs and FON fits the bill on both counts here. Should the stock give a sell signal on it's chart at $70, there is good support for the stock between $65-70. FON also has it's bullish support line (BSL) that goes back to January, 1995 at $65. A break below the BSL would be a bearish event for the stock. Have a nice weekend, Peggy. Bruce