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The Power of the Support Line in Point and Figure Charting

November 28, 2012 by Thomas Mullooly

https://media.blubrry.com/invest/p/content.blubrry.com/invest/The-Power-of-the-Support-Line-mp3.mp3

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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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Filed Under: Podcasts, Point and Figure Tagged With: point and figure, support lines

You might want to check these out...

Mullooly Asset Show Episode 26
Peer and Market Relative Strength
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Relative Strength Chart Configurations: Sell Signal in O’s
Relative Strength Chart Configurations: Sell Signal in X’s

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. No content should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Copyright © 2002-2017 · Mullooly Asset Management
2052 Highway 35, Suite 203 · Wall Township, NJ 07719 · Tel: 732-223-9000
Copyright © 2002-2017
Mullooly Asset Management
2052 Highway 35, Suite 203
Wall Township, NJ 07719
Tel: 732-223-9000
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