octradr
Short

JCP CAN'T HOLD HIGHS!!!

NYSE:JCP   PENNEY J C INC
152 11 0
Upper resistance taken from weekly chart is around 10.26.
Support is around 8.28.

Overall trend is down and until it closes over 10.26 I have no reason to expect a reversal. Short close to 10.

I will keep updating as this slight correction unfolds. 8/16
Leclaireur
2 years ago
Seems like it can hold higher lows tough!
+1 Reply
octradr Leclaireur
2 years ago
This is true, but I believe the odds are greater that the rising support from these higher lows will fail. Like I said, 8.28 is the best support but there is also support around 9. I just think it is being too optimistic in thinking that this will break out. No matter which way it goes there is money to be made within this range of 8.28 to 10.
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octradr
2 years ago
It looks like the momentum is starting to stall. Good short opportunity if the 8 closes under the 15 on the hourly. 8/20 B4 close
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octradr
2 years ago
It's time to open a short position. Momentum has stalled near resistance and the hourly chart is bearish. It is currently at 10.14. 8/22 B4 close
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octradr
2 years ago
JCP is having a great day so far but I am still not convinced that this is a real turnaround. If it is a turnaround I would have to catch it on a correction because of the amount it has gone up since February. 10/25
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octradr
2 years ago
Another strong day but I am still cautious. 8/26
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octradr
2 years ago
The week finished out strong but The hourly chart just turned bearish right before closing for the weekend. Let's see if the bulls keep control Monday or if the bears take back some of the gains. I would say right now short-term support is around 10. 8/29
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Leclaireur
2 years ago
Not a good idea to short the beginning of a new complete breakout....
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octradr Leclaireur
2 years ago
I still wouldn't quite call this a "complete" breakout, but I agree. I think 12.50 is more likely the level of a complete trend change. Short-term support is now around 10 and if everything looks OK, I would have no problem shorting if it closes below this level. On the flip side, I would go long if the bears take back control on the hourly. 8/30
+1 Reply
octradr
2 years ago
It looks like the bottom may be falling. Tighten stops if you are in it long. 9/2 B4 close 10.63
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octradr
2 years ago
Looks like I missed this one. I will now say the trend has changed. Good luck everybody. 9/4
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