JFC 10/14/08 - STOCK FINDS STRONG SUPPORT

CHART WATCH
1. Today's price action completes a short term island reversal pattern and closes above the 15d, 60d and 180d price moving averages. I would like to see the 15d MA (which is also the centerline of the Bollinger Band that I use) tested and hold successfully because if it does the rally could potentially extend up to the higher limit of the indicator's upper band.
2. The 4.50 uptick and 7.00 (18%) single day gain is accompanied by a huge turnover of more than double the 15d moving average.
3. Potential upsideTPs are 46.50 (Fibonacci retracement), 52 (prior resistance), or 54.50 (measured move)
4. The RSI centerline crossover is a manifestation of the uptrend reasserting itself. It is critical that this oscillator not revert back below the centerline in the near term for the rally to be sustainable.
5. The MACD line remains in positive territory meaning that it continues to trend up. But the declining slope suggests that momentum has weakened. It is critical for this indicator to flatten out in the near term or better yet turn up to increase the likelihood that this rally will be sustainable.
6. I own this stock.