sublimares2
Long

JCP- looking strong

NYSE:JCP   PENNEY J C INC
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.
Agree on the long and target. I think increasing position on pull backs to the 8EMA (8.4) would be good, but I probably wouldn't go lower (IMO). JCP has high short interest... 43%... which will definitely help to the long if this keeps moving up.
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sublimares2 charlesmccann
Bearish div. already in place. I am not excluding a pullback of max. 0.62% or @MA 50. That remains to be re-calculate once price starts to move. I can see with this pullback a potential inv. c&h would likely be in play.
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Update: 4H Chart
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Update:
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2use sublimares2
Thanx for the updates! Really nice that you put graphs in them. isnt the next resistance at around 10.21 (B point)? Why 11?
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I am sorry but I think you are mixing up resistances/ supports with targets on my charts. I mostly use rounded levels - tired of typing- so if it is 10.21 and I write "around 11" and there is a chart - what can I say more? it is not 11- it is around 11:) I am not going to update any chart sooner or post new charts.
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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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Earnings are in 2 weeks and probably- as I suspect- you are not already long JCP- you should consider a strategy. Earnings are imprevisible. Weight the risks and see after a pullback and if your strategy and risk is in place- why not.
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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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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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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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