JC Penney (
) has gotten the beat down of the century as far as retailers go.
Was it deserved? Yes indeed it was! Take a look at their stores.
Take a look at their pricing. There is nothing that jumped out
that said this company was going to be around much longer. As
investors sized up their long-term outlook, the stock was
slammed. Then something miraculous happened... The earning
reports started to help change the once dim outlook of a company
in disarray to a company that has brighter days ahead of it. As
you take a look at the stock, you see that it has been dominated
by the $10 resistance level.
In late September last year, the stock broke the $10 support
with heavy volume triggering the selling that eventually led it
to the 52 week low of $4.90. A candle pattern called a matching
low developed from this low. A matching low pattern is just two
single candles that form the same low. Our combination of candle
analysis and the technical indicators show this as the reversal.
From there, the stock began to lift itself higher. As the stock
lifted higher, the MACD remained relatively flat. Our experience
leads us to the conclusion that the stock would go higher. Now
that it has finally closed above the $10 resistance, our candle
analysis put a near price target of $12.
is an individual investor in Akron, OH. He began is
journey in 2006. After numerous investment mistakes, he
followed a simple method to make consistent gains. He
credits his achievements to hard work, self discipline
and his hunger for education. From his experiences, he
helps other beginning investors clear the difficult
hurdle by teaching his simple technique. Dwayne helps run
, which is dedicated to helping beginning individual
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