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

To: The Perfect Hedge who wrote (5616)	8/10/1998 1:21:00 AM
From: Dennis J.	Read Replies (1) \| Respond to of 34816

What's in store for PFE? Hi Beebs, FWIW, here is what I see for PFE. The p&f chart is looking ugly. A DB was broken last week at 106, with an 'o' being printed at 104, and a narrow miss at 102 (102 1/8). The way the stock has slowly dropped from 115 to 102+ suggests more to the downside (i.e., unlikely to reverse up for long). Looks like some support at 99-100, which is where the stock was before its meteoric rise mid-April. Breaking through 99 suggests mid-to-low 90's. On a daily chart, PFE's 4-day and 9-day MA's crossed down thru the 18-day MA about 7/23, and all are trending lower. Stochastics, money flow, and on-balance volume are all negative. I expect PFE to continue to make lower lows. As such, it looks like a sell rather than a buy. Being as the long-term trend still looks to be rising, puts and shorts could be tricky. Perhaps you should look elsewhere for clearer signals, unless you are already fundamentally bearish on PFE. All just my opinion only. Good luck. Dennis