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Signet Jewelers Tanks On News

Published 03/14/2018, 02:28 PM

Investors ran for cover on Signet Jewelers (NYSE:SIG) Wednesday after the mall jeweler unveiled a restructuring plan involving the closing of 100s of stores. The stock sank sharply, dropping nearly 20% to $39.02 by early afternoon. Signet was a $150 stock in 2015, but now hovers at a fraction of that price. Big investors and traders are scoping out the chart to find the proper major buy level. Based on chart analysis and pivot points, there is major support at $33. While this still signals another 15% decline in price from the current levels, it will likely happen quickly based on the recent news. The $33 level could easily see a 25-50% bounce in the stock.

Signet Jewelers

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