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Strategies & Market Trends : Point & Figure - Beginners (Real Green) -- Ignore unavailable to you. Want to Upgrade?

To: Lost1 who wrote (194)	1/14/1999 6:14:00 PM
From: Bwe	Read Replies (1) \| Respond to of 322

Lost 1, The move by the Oil Service sector into Bull Confirmed status once again occurred because the Bullish % chart moved back into a column of X's before it gave a sell signal by moving below a previous bottom. The group initially moved into Bull Confirmed by surpassing a previous top at 34% in October. The chart rose to 58% before turning down. When the chart did turn down, the group was said to be in a Bull Correction phase because a sell signal was not given and the downmove occurred below the important 70% level. This is considered a normal correction within an uptrend. A closer look at the Oil ServiceBP will also reveal a second higher bottom from September's 8% low. The chart has now bottomed out at 8%, 14% and 24%. Most of these stocks are still trading below their BRL's so a trading posture or a long term perspective must be adhered to. Candidates for purchase would be stocks in the group that have dropped into important long term support (Green Zones), or those that are currently in a column of X's on their RS charts. Do some digging in DWA and I'm sure you'll find some good candidates. Chartcraft added a few tax loss selling stocks from the group in December. Included in their Low Priced Portfolio is Cross Timbers Oil and Newpark Resources. Best of luck. Bruce