Welcome to EV's point and figures. This blog is dedicated to the use of point and figure charts in technical analysis.
Although P&F first appeared in charts in the 1930's, it is an often overlooked techique for analysing stocks and charts. A poor relation compared to line and bar charts and their range of momentum indicators. Yet few charts provide a clearer picture of the daily battle between bulls and bears for market control.
Like most methods, it should not be used in isolation. It should form part of an analysts 'tool box' and be used with other techniques to help form an overall view.
The charts that appear on this blog and any accompanying comments are purely for information purposes only - my own personal take on where the prices may be heading. They do not constitute investment advice.
Thursday, November 11, 2010
The bearish price objective of $11.5 remains active but given the recent bullish action (prior to last night's results), i'd like to see the price back below $19.5, ie filling that $19.5 box and making a lower low.
Assuming the current column of X's reverses today (and it only requires a move to the downside of $1.5 to do so), there will be an unactivated upside price target of $32. A move above $25 from the next column of X's (if it occurs) will activate that target.