Yes I've always wondered how traders can confidently predetermine price targets, and it's great that you have explained how you do that. Completely understand that you don't want to waste your time answering questions from grubs like me, but you've gone far further with you're answers than I was expecting and I appreciate that very much! I'll get to work on those upvotes for you.
Yes I see in that JCP chart how the price has taken off but the RSI hasn't done much the entire time - strong sell signal (Mum, look I'm learning!).
I live in New Zealand so I'm not too familiar with J.C. Penney company or stock price action, and Amazon isn't on our market. Short selling isn't common here, at least the platform that I've used to buy shares, which is the most common one doesn't offer it. I think there's a bunch of tax BS here in regards to lending stocks. I have a lot to figure out before I get started.
I'll follow JCP with you because you've got me hooked now and I'm dying to see what it does. And yes I would be nervous about this! But nervous in a good way.
Do you want to try and call a buy on JCP using the RSI readings? There would be a while of a wait before you would get your chance to. JCP would have to sell down quite a bit. If you plan on following along using the chart service I linked you to and want to give it a try I will start a new blog. You and I will rescue JCP together if you want to. That way if and when it's time to buy you can be "proud" to know you did your part to make America great again. I imagine New Zealend is great right now...cpet it's winter and you can't go snow skiing? :-) that'd suck.
Yep I'm 100% keen for that. The sooner America can be great again the better as far as I'm concerned. There's a few ski fields an hours drive from where I live, I'm pretty sure they're all open. I'm not much of a skier though, maybe when I'm older and have a few more dollars.... ;)
OK, I posted the JCP blog for you and I to "try" and rescue it from Argamegdon. To reiterate the RSI rules of buying...there will be no "potential" buy and hold until the RSI reading on the 10 day chart tags 20 or less for the first time. Then wait for a looower low with no new RSI reading of 20 or less. See how eeeasy this crap is? :-)
Awesome Joe, thanks a bunch. I should have myself all setup by then. It's good to have a mentor, even if he/she is an internet stranger from the other side of the world :0. What a time to be alive. I won't let you down, wait for my call.
OK, great! I will open a JCP blog and together you and I will save if from Amazon and belly up! I'm proud of you for having teh guts to step up. Simply reply on my new JCP blog if you thin it is time to "buy the pullback!" as directed solely by the RSI readings....or if there is a BIG sale at J.C. Penney. Baby needs new shoes! :O