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

To: Bwe who wrote (11461)12/15/1998 3:27:00 AM
From: Smooth Drive  Read Replies (1) | Respond to of 34810
 
Hello Bruce,

I just updated my LU chart -- so I'll repost your comments and put some visual down.

LU p&f chart update:
$92 would be a danger point on LU's p&f chart. At $92, LU would move into a High Pole (HP) pattern, which, if reached, would greatly increase the odds of a test of support at $88. A short term trader using p&f would sell on the HP. A long term investor would hold off "bottom fishing" purchases until the correction runs it's course. The market backdrop is an important consideration and was bearish in July when LU last had a High Pole Top at $94 (the difference here is the pattern occurred at all time highs which makes for a nastier potential decline). That HPT lead to a sell at $91 and to an eventual drop to $54 (gulp!). With the current market environment, a HP, if it were to occur, would likely test trendlines as previously mentioned, along with a Bearish Support Line at $81 and then at $77. An IUTL (Intermdeiate Uptrend Line) is at $76. When the market is in a bearish mode, of which only the short term p&f indicators currently are (as well as sentiment), trendlines and the potential support they offer are highly unreliable.

There's no trendline support until $88 and then $86. LU did much worse than the market (as measured by the Dow which is the benchmark used for p&f RS calculations) today. In the last 10 trading days, LU has outperformed the market 6 times, and 14 of the last 25.
50 day MA: $82.24
150 day MA: $81.27
200 day MA: $77.36

Good luck to all.
Bruce 


100                          X
99                           X O
98                           X O
97                           X O
96                           X O
95                           X O
94                           X O
93                           X ?
92                           X ? < High Pole Top would happen here
91               X   X   X   X
90           X   X O X O X O X
89           X O X O X O X O X
88           X O X O X O X O X
87           X O   O X O X O X
86           X *   O X O X O X
85           X   * O X *   O
84           X     O X   *
83           X     O *     *
82       X   X         *     *
81       X O X           *     * < Bearish Support Line
80       X O X             *
79       X O                 *
78       X                     * < Bearish Support Line
77       X                 
76       X                  
75       X
74       X
73       X
72       X
71       X
70       X
69       X
68       X
67   X   X                     + < Bullish Support Line
66   X O X                   +
65   X O X                 +
64   X O                 +
63   X                 +
62   X               +
61 O X             +
60 O X           +
59 O X         +
58 O X       +
57 O X     +
56 O X   +
55 O X +
54 O + 
53 +



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