J.C. Penny - The Battle of Retrieving the Broken Supports

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After the fast progress in JCP             prices it turned its direction down right after the analyst conference.
Is it the stock's death or is it just over reacting from the analysts and panic investors.

Here in the chart we can tell that the stock faced a strong resistance at $11.22, On Fibo retracement it represents 50% from its level $17.54, at this strong level we usually expect some correction specially after it failed to penetrate this level for 3 tries.
So the stock faced double pressure, First the 50% level, Second the panicked investors/ (analysts who are usually lagging the price as they wait for the financial data to make decisions).

The stock is still in correction as it didn't break the 76.4% support, and it is still respecting its 61.8% support at $7.31.


We have to watch the next resistance levels $7.88 : $8.06 it's a very strong range.

The stock already had a one failed try to penetrate $7.88, let's watch for the next try which it it fails again will lead the stock to another testing for its supports to gain momentum before retrying.

Over all the stock waiting for its bright future which needs to be backed by a positive news or results.
Let's see how its results will direct the price direction.

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