octradr
Short

JCP CAN'T HOLD HIGHS!!!

NYSE:JCP   J.C. PENNEY COMPANY INC HOLDING COMPANY
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
Looks like I missed this one. I will now say the trend has changed. Good luck everybody. 9/4
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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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Not a good idea to short the beginning of a new complete breakout....
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octradr Leclaireur
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
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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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Another strong day but I am still cautious. 8/26
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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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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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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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Seems like it can hold higher lows tough!
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