Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: james ball who wrote (8741)	10/16/1998 6:17:00 PM
From: Bwe	Respond to of 34811

Wrote the following this morning on the MF Oil & Gas thread. Should be of interest to those that follow the oil patch. This week, the Oil Service sector Bullish % dropped to 14% on it's chart (actual reading was 12.90%) from 18%. Last week the group dropped from 34% to 18% and placed the group in "Bear Market Bottom" status. The Oil ServiceBP dropped to as low as 8% in in early September and making a higher bottom on this downmove would be bullish. The week (Wednesday to Tuesday is the time frame used for computation of Bullish %'s) has gotten off to a good start as the group moved up .990% on Wednesday and rose 5.940% yesterday. Please recall a 6% reversal is need to reverse columns and signal that demand is outstripping supply for these stocks. To put yesterday's move into perspective, Oil Service had the 5th largest move among all the industry groups yesterday. Aerospace: 6.790% Banks: 7.540% Telephone: 6.990% Wall Street: 6.0% The group would move to Bull Confirmed status at 36% so there's a lot of ground to make up from current levels. The Oil group remained unchanged at 24%, still Bull Alert. This group was up 2.5% yesterday. Best to all. Bruce

To: james ball who wrote (8741)	10/16/1998 8:58:00 PM
From: Bwe	Read Replies (3) \| Respond to of 34811

Tom, The Dow 50 x 150 chart had a valid break of the Bearish Resistance Line today at 8,300. The BRL was drawn in above the 9,300 Dow high in July. Also significant was the Dow's ability to break above 6 previous tops made in September/October in the 7950 - 8150 area. It can now be said that the BRL is no longer in charge of this chart. Amen. The BSL is now at 7,650 and a Bearish Support Line is at 7,750. The Bullish price objective is now 9,150 and the first trend line resistance comes by way of a Bullish Resistance Line at 8,650. Have a great weekend. Bruce