Friday, May 18, 2007

JCP Analysis for 05.18.2007

Monthly chart shows new high made, with current support at the key prior LIS of $78.75 (the high made in June 1998). If this breaks, then look for lower.

Weekly chart shows support off the $75 level. Buyers stepped back into the closing, taking back most of the losses made last week. Price currently closed above the 34 ema. Need to clear the 8ema and the prior resistance at $81.75 area before higher.

Daily chart shows buyers came back into the stock strongly, gapping it up at the open through the 200sma and the 8ema at the open on Thursday. Look for a test of the high at the $87 area and then new highs.

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