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J C Penney Corporation- JCP - Ascending Triangle Support
Casey Murphy - July 11, 2007


. C. Penney Company- JCP

July 11,2007

Last Trade

$71.16

Volume

3,099,800

52-Week High

$87.18

52-Week Low

$61.20

Commentary:
On May 16, we mentioned that JC Penny Corporation (NYSE:JCP) broke below the neckline of a head and shoulders pattern and that it looked like the uptrend was becoming exhausted. We noted that the breakdown was a signal of short-term weakness and that many traders would likely watch for a continued pullback toward the support of the ascending triangle pattern near $70. As you can see from the chart below, the bears did indeed send the price down to the support near $70 and it will now be interesting to see if the bulls step back in and push the price back toward the neckline (currently near $79).

 

 


Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


 Previous Chart Alerts:    LEN   AEP   HUI   ORB   QQQQ   ATI   QQQQ QQQQ   JCP   CKFR   QQQQ   QQQQ   APOL   QQQQ   AMED   QQQQ   EBAY   QQQQ   INAP   QQQQ   GD   QQQQ   INTC   QQQQ   ABK   QQQQ   NTRS   QQQQ   ACE   BJ   ALL   GGG   BA   WMB  


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