JC Penny Inc (NYSE: JCP) at Critical Resistance Says Market Timer Frank Kollar
May 6, 2009 (FinancialWire) (By Frank Kollar)
Shares of JC Penny Inc (NYSE: JCP) have been in a parabolic rise since they successfully tested their bear market lows in early March.
A month ago we wrote; the first test of resistance is up at $28.80, about 27% above Wednesday’s March 8 close. If that level is surpassed, JC Penny could reach $32.22.
On Monday, May 4, JC Penny closed above $32.22 which was critical 61.8% Fib resistance for this advance.
A decisive close above this level would forecast a likely run for its prior rally highs at $43.40 a share. A pullback from current levels would not be unexpected.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy holds a position in JC Penny.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
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