NYSE:JCP   J.C. PENNEY COMPANY INC HOLDING COMPANY
271 17 3
JCP             broke the long term downtrend, had a nice gap and run and now consolidating. I do not see any serious retracement and the gap will remain intact for some time. If it goes at levels of 7.64 - good adding for longs. First trgt would likely be around 11 and even higher potential levels.
Now- time to be careful with this earnings play. All indicators are stretched to overbought side and displaying Be divergence. Any gap up is a sign of weakness- exhaustion gap. I had the strong feeling of one coming.
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sublimares2 sublimares2
correction: I have and not had
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Not sure if I am counted correctly the waves but if this is correct than a backtest of the latest low could happen in the process of the corrective ABC wave.
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2use sublimares2
You think it wont go lower than 7 to cover the gap?
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No, not for now- IMO
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Support 8.20 looks very strong and I would be surprised if price would dare to go lower:)
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2use sublimares2
Indeed. Would please make a chart similar to the one below, but the guiding lines going not down, but up? I feel like the trend may have changed and it is to upside, with 8.20 a good resistance
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Hope this is what you are looking for
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Update: a beautiful candlestick today- cannot argue the trend only at some minor resistance at this point. JCP is trying to breakout
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2use sublimares2
when is your idea of a good entry position?
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