Currently, Charlotte Art Importers is selling at $23 per share. Although you are somewhat dubious about technical analysis, you want to know how technicians who use point-and-figure charts would view this stock. You decide to note one-point movements and three-point reversals. You gather the following historical price information:

Plot the point-and-figure chart, using Xs for uptrends and Os for downtrends. How would a technician evaluate these movements? Discuss why you would expect a technician to buy, sell, or hold the stock based on thischart.

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Date Price Date Price Date 5/3 5/4 5/5 5/6 5/9 5/10 Price 4/18 4/4 4/5 4/6 281 28 28 293 301 301 352 37 4/19 261 28 281 4/20 4/21 4/22 4/25 4/26 4/27 4/28 36 35 4/8 281 4/12 4/13 5/12 5/13 32