JC Penny Inc (NYSE: JCP) Nears Critical Support Says Market Timer Frank Kollar
June 23, 2009 (FinancialWire) (By Frank Kollar)
Shares of JC Penny Inc (NYSE: JCP) have had a good run since successfully retesting their bear market lows back on March 6.
From their lows, they gained over 138% at their May 6 highs.
But since those highs JC Penny has been correcting and shares are now approaching their May 22 correction lows. If those lows at $24.56 hold, JC Penny could be headed back for a run to its prior rally highs.
But if JC Penny closes lower, we may have a way to go on the downside. Initial support is at $23.30 and critical support is at $21.07.
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.
Go to previous Press Releases & Trading Notes.
Note: These Press Releases are short term in nature. They may or may not reflect the same position as current subscriber reports which typically have longer time frames.
© Copyright 1996-2009, Market Timing Strategies, Inc., All Rights Reserved.
FibTimer reports may not be redistributed without permission. These Trading Notes however may be distributed without permission.
Disclaimer: The financial markets are risky. Investing is risky. Past performance
does not guarantee future performance. The foregoing has been prepared solely
for informational purposes and is not a solicitation, or an offer to buy or sell
any security. Opinions are based on historical research and data believed reliable,
but there is no guarantee that future results will be profitable. |
