Another beautiful little Fib setup. if you measure the distance of AB, that distance will equal what I drew as CD. This is what you are looking for. The level here at D ($11.30-$11.40) is also the 50% rertracement from the drop at the end of last year. I always like to use the 1.618 extension, however, JCP retraced to the 50% level (not the 38.2% level) in this case.
Sorry for the mistake, check the chart in Day grain, mistakenly forgot to revert back from Weekly JCP has been licking the recent ceiling for quite some time, and ER is 20 days ahead. So far it looks like a major bearish pennant as it s formed on a/after a down trend. Yet still it is kind of out the major down trend. I guess either positive news, and most...
J.C. Penney continues to struggle... from 2002-01-01 to the present, revenues fell from ~$32 billion to ~$12 billion... and free cash flow fell from ~$327 million to -$2.15 billion (!!!) furthermore, $JCP is down 90.25% from its peak on 2007-02-01.
We've been getting higher lows in JCP for some time now. I don't think it will break out on this retest of resistance, but at least we can make a few dollars on the way up to retest it.
This is an assembly of several ideas, one from user littleriver, one from sublimares2, and a small observation from me. 1) littleriver provides an idea of the possible breakout if the stock follows the beam up 2) sublimares2 noted wisely the narrowing bear flag - and it is narrowing nicely within the beams noted by littleriver .Should the stock go into the...
JCP has a few things going for it. We have a nice Fib setup, if we can see some stability above 9.20, We could see the price jump up to 10.35. Also, this same level is the high from back in December. I usually love the 1.618 extension, but with so much resistance coming at the 1.27, i would be leary of pushing to hard for more money. Also earnings come out...
This retailer had couple dissapointing earnings before, but on the last it beat above consensus with EPS surprice 0.11 and gapped up with pivot support @ $7.00 that was confirmed and retested in the mid of April. And from the beginnig of May it is building nice upper-level base in front of resistance $9.30. Yeasterday, it broke up tight consolidation which...