J.C. Penney Inc. (NYSE:JCP) is declining sharply this morning by 0.69 cents to $31.12 a share. The stock has been under selling pressure for four consecutive trading session. Short term scalp traders can look for intra-day support around the $30.40 level should the stock decline down to that level. There will be some minor intra-day support around the $30.90 area first.
Nicholas Santiago started trading in 1991. In 1997, he became a licensed Series 7 and 63 registered representative. He managed money for a large, affluent private client group. After applying his knowledge to his client base, he decided it was time to begin teaching those interested in learning his methods. He is an expert in Technical Analysis. He has become an accomplished technician in the studies of Elliot Wave, Gann Theory, Dow Theory and Cycle Theory. In 2007, he partnered with Gareth Soloway to form InTheMoneyStocks.Com and realize his dream of educating others about the truth of the markets.