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

To: Hardline who wrote (11771)	12/19/1998 3:37:00 PM
From: Bwe	Respond to of 34810

Hardline, A few more p&f things to think about with regard to WLA. The stock had a High Pole pattern at $77 in November. This bearish pattern did not immediately lead to a sell signal, but rather, the stock just broke out bearishly from a triangle pattern at $74. The bearish breakout caused a break of the Revised BSL, also at $74. WLA is also having trouble with a Bearish Resistance Line (BRL) drawn from the November, $82 high. The BRL is now at $76. DWA's chart shows WLA's BSL at $70. I'd watch the BSL very closely. On the positive side, the stock is one box away from a Low Pole buy signal at $76. The stock also had a Bear Trap after it immediately reversed up after breaking below 3 previous bottoms with it's drop to $72. Both of these bullish signals are highly suspect with the stock so close to the BRL. If the stock can take out the BRL, I would then consider the stock's p&f chart to be bullish. At this point, IMHO, the stock is a hold with a stop at $68 for a long term investor. JMHO, Bruce