In last evening’s Forecast Report, J Crew Group (JCG) offered a potentially attractive early entry point for longs at 46.60 to 47.
In pre-market action Wednesday, JCG stuck to a relatively tight band of 46.12 to 46.85, largely above our target range. The stock moved during day trading between 44.53 to 46.17.
In Tuesday evening’s forecast report, J. Crew Group (JCG) signaled a potential pre-market open Wednesday near 42.75 to 43.90. The stock’s tendency to add to evening gains the following day, along with a firm move higher in night trading, highlighted potential long plays for early Wednesday. A potential buying opportunity at 42.70 to 43.25 emerged, and secondarily, at 43.50 to 43.75.
JCG opened at 44.45, just above our target, and the high of the pre-market session. The stock pulled back to a pre-market low of 43.46, about in the middle of our target range. A buy at the 43.36 pre-market low, as measured to the 44.45 regular session high, is 2.5% in the black.
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