Point&Figure charts are great for showing support and resistance. Best Buy (BBY) hit a ceiling at 42 over the last five months. A breakout above resistance (another "X") would trigger a bullish signal and target further strength towards the next resistance level at 48.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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