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


To: The Perfect Hedge who wrote (6255)8/24/1998 11:13:00 AM
From: wizzards wine  Respond to of 34811
 
Morning Beebs, IBM sector is Bear Confirmed at 28...RS is buy in X's, don't really like to bet against an issue that is out preforming the general market...

It's got a triple bottom at 124 and declining tops, with the support line down at 112...I'd like to see it give a Quad Bottom sell signal with a move to 122 in O's...you realize it will take a 120 even to give that 122 in O's...

Demand is keeping the issue above 124 for now and until it falters, I for one would rather stand at the sidelines until a signal is given...

Later

Preston



To: The Perfect Hedge who wrote (6255)8/24/1998 4:07:00 PM
From: chartseer  Read Replies (1) | Respond to of 34811
 
I have IBM puts, Believe chart is forming a BRL and that IBM had a buying climax the day it hit 138 and closed 132. Believe 122 a sell signal is relevant, Would rather purchase puts near 130 with a good risk reward potential than wait for 122 BUT COULD GET BURNED. It seems to me that those lower tops almost always lead to a BRL and a sell signal but I have and could be wrong.

Good luck!

Chartseer