Nearest Resistance: $21
Nearest Support: $16
Catalyst: Earnings Miss
It's a good thing J.C. Penney (JCP - Get Report) changed its tagline from "Doing It Right" back in the 1980s, because the department store chain's stock looks all kinds of wrong today. As I write, shares are down 15% on the day after JCP announced a worse-than-expected loss for the fourth quarter. For those keeping score (namely shareholders), that brings the stock's losses in the last 12 months to 56%.And it doesn't look likely to get much better in the near-term. While shares spent the last few months consolidating sideways, today's gap down effectively derails any semblance of progress in the battle between buyers and sellers. Support at $16 is going to be a key level to watch. A crack into the mid-teens would represent a generational low for shares of the retailer, and a big sell signal for traders.
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