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JC Penny Inc (NYSE: JCP) Nears Critical Support

June 23, 2009

Shares of JC Penny Inc (NYSE: JCP) have had a good run since successfully retesting their bear market lows back on March 6.

From their lows, they gained over 138% at their May 6 highs.

But since those highs JC Penny has been correcting and shares are now approaching their May 22 correction lows. If those lows at $24.56 hold, JC Penny could be headed back for a run to its prior rally highs.

But if JC Penny closes lower, we may have a way to go on the downside. Initial support is at $23.30 and critical support is at $21.07.

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

Posted on June 22, 2009 in Stock, ETF and Market Analysis |

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