Point & Go Figure: EOP, ACI, NFLX, JOF, AMZN
Below are some charts that caught my eye, as well as some that were requested by Minyans. If you would like a chart reviewed, let me know here.
I have added text and illustrations to the charts where necessary.
All charts courtesy Dorsey, Wright & Associates.
Equity Office Properties Trust (EOP)
Arch Coal Inc. (ACI)
ACI began a bullish shakeout pattern with the move below 64. The conservative entry on the shakeout was the three-box reversal to Xs at 64, establishing a stop loss with the potential spread triple bottom sell signal at 60.
NetFlix Inc. (NFLX)
I have had many of my quant friends argue that trends are indefinable and technical analysis in general too vague to capture such a phenomenon. OK. I don't understand much of what they do either. Meanwhile, here is a chart of NFLX, which has not given a point & figure sell signal since February, now testing resistance at 29, with three well-defined, though quantitatively vague, trendlines drawn. A move below 27 before the potential double top break at 29.5 would initiate a bullish shakeout pattern.
Japan OTC Equity Fund Inc (JOF)
Amazon.com Inc. (AMZN)
Interestingly, AMZN has formed a higher bottom since September while the broad market has lagged. This is an outperformer versus the peer group as well. Resistance is at 46.
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