29.12.2015 - We expect the price decline of J.C. Penney to 6.50

Price of J.C. Penney continues moving inside the descending channel and after the recent correction has reached a level of resistance at 7.20, and the upper boundary of the channel. As a result, quotations resumed their decline, and according to our estimates with a high probability will reach the level of 6.50. A breaking of this level will cause further reduction to 6.00 and 5.60. In case of opening short positions, we recommend setting a stop above 7.20. Our medium-term outlook is negative.

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