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Gold/Mining/Energy : Weatherford International (WFT) -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (73)	9/24/1998 5:22:00 PM
From: Bwe	Read Replies (1) \| Respond to of 142

Doug and fellow WFTer's.....The Oil service group remains in Bull Alert status and continues it's bullish sector chart action. The group moved up another box on it's p&f chart to 30% from 28%. This means that 30% of the stocks in the group are now on point & figure buy signals. Contrast this number with the 8% reading on September 2nd. The group has a lot of room to move on the upside. The Oil sector also moved up this week to 20% from 18%. The Oil group is also in Bull Alert status. All 3 charts of the commodity have established new uptrends and have broken their down trend lines that were in place for almost 1 year. The RS of Oil has moved into a column of X's indicating a new uptrend has started on it's RS chart. Today, December Crude was up another $.18 and the bad news coming out from the companies in the sector is like looking in the rear view mirror. The p&f indicators have already spoken to the companies and read all the analyst reports for us and are signaling a change in trend is in the works from bearish to bullish. WFT is currently on a double top p&f buy signal from $18 as I've previously explained. Another confirming buy signal would occur at $26. The next sell would be at $21. Minor support at $19 1/2 and longer term support at $18. Watch for first $27 and then $36. Those price levels represent down trend lines, the former from the July, $39 high, and the latter from the May, $58 high. Breaks of these Bearish Resistance Lines would indicate the long term trend has changed from bearish to bullish. Best to all! Bruce