JCP | Overview: JCP has been diverging bullish for months (in yellow), the first chance it had to correct was in Q1, and the corrective move failed into a continuation. Going into Q2 I don't think JCP is going to correct into a bullish trend but will correct into a long sideways moving channel, which price is trading in right now. Price is now trading near the range of the channel which is also a major resistance line. Price formed a stair step pattern within the first 30% of the rally and is now attempting to form another stair step at resistance; confirmation that a continuation will fail is a bearish close outside support of the stairstep. Price has also formed a XACD (Bat) pattern which is indicating a retracement or reversal. The first target of a retracement is at the .382% line and if price trades through this a close outside the .618% line is confirmation of a reversal with a target at support of the channel. The Sentiment Zone Indicator is not oversold and has room to sell off further, the MACD is rounding to cross the signal line bearish, and the RCGI has already made its bearish crossover and trending bearish. Entries: Speculating a bearish move, enter in bearish if price trades to the range of the stair step, or enter in bearish if price closes below support of the stair step. Stop's: Use the 8 EMA and Daily volatility to help you place your stops.
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ATTENTION: THIS IS FOR A SHORT TRADE NOT A LONG TRADE.