The Power of the Support Line in Point and Figure Charting

by | Nov 28, 2012 | Podcasts, Point and Figure

As you probably know, Mullooly Asset Management uses point and figure charting as a guide to make wise investments. In this week’s podcast Tom and Brendan will discuss the power of the support line. A support line is an important tool in managing money at Mullooly Asset Management.

Support Line Break - Triple Bottom Break

Charts are courtesy of Dorsey Wright & Associates

The point and figure charts that Mullooly Asset uses all have support lines. When a support line is broken, it is a very big deal! This is a big deal because as long as the support line isn’t broken that means you are in a positive trend. Breaking through a support line means you are in a negative trend, which are most definitely wise to avoid when investing.

Tom explains a perfect example of a stock breaking through its support line in this podcast. Again, you will want to check back later in the week for the video presentation that goes along with this podcast because the charts you see will be alarming. Tom also talks about what a triple bottom and quadruple bottom are, and why they should be a red flag.

There is a lot to learn about support lines in this week’s podcast so make sure to tune in!

None of the securities mentioned in this podcast are considered investment advice. Mullooly Asset Management also strongly urges our listeners to consult with their investment advisor before they make a decision to buy or sell any investment.

You can download this week’s Mullooly Asset Management podcast for free on iTunes!

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