Friday, August 10, 2007

Point and Figure Monitor – August 10, 2007

The main advantage of the Point and Figure methodology is that it clearly displays support and resistance levels. The most important signals come from breakouts and breakdowns from these levels and from breakouts and breakdowns from the bullish or bearish trend lines. In my experience, the most successful trades were initiated from these signals.

The following Canadian securities that I monitor had a change in their Point and Figure chart as of the close last night:

There are two breakouts, both from a long term downtrend line. This is a reversal of the main trend and merits investigation especially given the fact that relative strength is at the highest level of Buy in a column of X. Cdn Nat Resources and Sunopta.

The breakdown of the long term uptrend line for Encana might be a good short opportunity.

The star of the day for Income Trusts was Eveready following good financial results and guidance. It was up 17%, a very competitive return.

If there are any securities that you want me to include in my universe, please comment or e-mail me and I will try my best to do so…

The Word

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