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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • JC Penney Inc (NYSE: JCP) Finally Moving Higher? 0 comments
    Aug 21, 2012 2:31 PM | about stocks: JCP

    August 22, 2012 (By Frank Kollar)

    Shares of JC Penney Inc (NYSE: JCP) have really taken a huge hit over the past half year, after new marketing strategies failed to inspire share holders.

    JCP lost 55%, declining from $43.13 on February 9th, 2012 to $19.25 on July 17th. But when looking at the charts alone, JCP may have finally reached a bottom and could be starting a tradable advance.

    One tool we use at Fibtimer is the 50-day exponential moving average and the 10-day exponential moving average. After a long term decline, when these two averages cross, there are high odds of a new bullish trend ahead.


    Chart Courtesy of StockCharts.com

    It also offers a close sell stop if the signal is a false one.

    Buying JCP at current levels, the stock was trading at $24.30 in late afternoon on August 21st, the stock has a good shot at reaching $27.99 in coming weeks, and potentially $30.00 a share after that.

    A sell stop at $22.99 a share offers a low risk trade.

    The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in JC Penney.

    Disclosure: I am long JCP.

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