JCP has shown a falling wedge for the past 6 months. It is now breaking out of this falling wedge. Great buying opportunity!
Order cancelled:
So, given that this stock never continued up, it's clear this is a false break and we're going to see more downside. If anything you should be entering this trade short tomorrow given its current trajectory.
Either way, if you played this one safe and waited for a second pop, you shouldn't have been burnt because you never entered.
Either way, if you played this one safe and waited for a second pop, you shouldn't have been burnt because you never entered.
Some profit taking happened after I posted this, which is fine. Based on the technicals I'm seeing there will be a slight bit more downward movement before we pop back up again.
If you're like me and you haven't entered this trade yet, wait for the stock to finish its short-term retraction, likely back to the $6 level, before popping back up again.