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Wednesday, January 03, 2018 1:40:33 PM
On Watch J C Penney (NYSE:JCP) Hammers On Major Breakout Level
Shares of J C Penney Company Inc (NYSE:JCP) are once again hammering on the major resistance level of $3.75. This is now the 3rd time the stock has pushed up into this key level and all eyes are on it. If J C Penney Company Inc breaks through, upside will quickly see a target of $4.70. Odds do favor a breakout based on the multiple times the stock has tested the $3.75 level. The more a stock tests a level, the weaker that level becomes. In this case, the resistance level is weak and with analysts predicting a 20% jump in earnings from retailers because of tax reform, a breakout is likely. To confirm the breakout, look for any technical daily close above $3.75.
Gareth Soloway
InTheMoneyStocks
Shares of J C Penney Company Inc (NYSE:JCP) are once again hammering on the major resistance level of $3.75. This is now the 3rd time the stock has pushed up into this key level and all eyes are on it. If J C Penney Company Inc breaks through, upside will quickly see a target of $4.70. Odds do favor a breakout based on the multiple times the stock has tested the $3.75 level. The more a stock tests a level, the weaker that level becomes. In this case, the resistance level is weak and with analysts predicting a 20% jump in earnings from retailers because of tax reform, a breakout is likely. To confirm the breakout, look for any technical daily close above $3.75.
Gareth Soloway
InTheMoneyStocks
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