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

To: Bwe who wrote (12080)	12/30/1998 1:22:00 AM
From: Smooth Drive	Read Replies (4) \| Respond to of 34809

Hello Bruce, We haven't done a chart in a while. So ---- you pick one with a veeeerry wide range and introduce new trend line construction! Repost and chart as follows: Carnival (CCL) continues to astound as portfolio managers are seemingly adding this fine company to window dress their quarter ending portfolios. A Bullish Resistance Line (brl) is upcoming at $48 and should cause a hiccup. Due to an inability to draw in another brl on CCL's chart, I use another method of drawing in upper trendline channels that I learned from Howard V Prenzel's 1976 book; "Dynamic Trendline Charting - How To Spot The Big Moves and Avoid False Signals". Here's how Prenzel describes the method: "When a stock moves above any previous rally top, a tentative dotted trendline may be drawn upward at a 45 degree angle through box corners, BEGINNING FROM THE UPPER LEFT-HAND CORNER OF THAT PREVIOUS RALLY TOP.....This may prove to contain the price action for quite some time and prove a major trendline." In applying this upper trendline to CCL's chart, I've drawn a "Prenzel Bullish Resistance Line" one box above the July $42 high. This trendline stands at $57. CCL has more than doubled since the October bottom. Royal Caribbean (RCL) has also had a stellar year, up a stunning 47% over the past 12 months. It too has more than doubled since the October bottom. When the fed started their interest rate cuts and lifted the fear of recession that had been priced into both of these stocks, both CCL and RCL resumed their market beating price action. Take care, Bruce 60 59 58 57 + < Prenzel Bullish Res. Line 56 + 55 + 54 + 53 + 52 + 51 + 50 + 49 + + < Bullish Resistance Line 48 + + 47 + + X 46 + + X 45 + + X 44 + + X 43 + + X 42 X + X 41 X O + X 40 X O + X 39 X O + X X 38 X O + X O X + < Short Term Uptrend Line 37 X O + X O X + 36 X O + X O + 35 X O X X + 34 X O X O X X 33 X O X O X O X X 32 O X O X O X O X X 31 O O O X O X O X 30 O X X O X O X 29 O X O X O O X 28 O X O X O X 27 O O X O X 26 O O X 25 O X 24 O X 23 O X 22 O X 21 O X + < Bullish Support Line 20 O X + 19.5 O X + 19 O + 18.5 + 18 + A good call on this stock some time back Bruce. My charts Bullish Support Line was formed at the low of $3.00 back in 91 and has never been taken out. Long term bullish (trading above its Bullish Support Line) and short term bullish (on a buy signal). Bullish price objective of ((23).5)+ ((193)1) + 19 = 79. Take care, Eric