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

To: Tigress who wrote (9507)	11/12/1998 3:02:00 PM
From: wizzards wine	Respond to of 34811

Hi Tiger, sorry that you got missed for the info you requested... JNJ is RS in X's very good...the past triple top generated a buy signal at 81 and climbed up to 84 before retracing down to 80,then up in X's to 84 again...at this point, if it had gone to 85 that would have created the bullish catapult...however it reversed back down to 81 and then back up in X's again to 84 giving us yet another TT (triple top) with the potential buy signal to come at 85. With the higher bottoms, one would not expect it to retrace back to the BSL line down at 77 but it could and the first sign of trouble would be a interday low of 80 for a DBS (double bottom sell) signal. However even this is troubling as if you look over to the left of the chart a littly, one sees all of the past support at 79 and 80...a bunch... Yes, one views this chart as Bullish...Just remember that 70% of a stocks movement is the market and the sector, so if they head south it is likely JNJ will also... Later Preston