Friday, December 08, 2006

JCP Analysis 12.08.2006

Profit taking last month, as buyers were met with sellers, as they were unable to close above a prior high at $78.75. Chart currently still bullish.

Tower top candle pattern here. Exuberant buyers took the price over the prior LIS high at $78.75. Two weeks of indecision were evidenced by the spinning top and doji candle patterns. The sellers won out as evidenced by the big bearish engulfing candle at the top, closing the week back below the $78.75 LIS high. Current week ended in a gravestone doji/harami pattern. This current week, buyers were met with sellers still.

Profit taking into test of prior high. Look for continuation next week.

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