• Return to Headlines

Possible Bearish Inside Day Candle Pattern Detected for J.C. Penney Co (NYSE:JCP)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in J.C. Penney Co (NYSE:JCP) based on the price action in the company's shares. Today's price range of $1.28 and $1.30 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of J.C. Penney Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 183.9% exists for J.C. Penney Co, based on a current level of $1.28 and analysts' average consensus price target of $3.63. The stock should run into initial resistance at its 50-day moving average (MA) of $1.46 and subsequent resistance at its 200-day MA of $1.63.

J. C. Penney Company, Inc., through its subsidiary, operates department stores in the United States and Puerto Rico. The Company provides merchandise and services to consumers through department stores, catalog departments, and the Internet. J.C. Penney markets primarily family apparel, jewelry, shoes, accessories, and home furnishings.

J.C. Penney Co share prices have moved between a 52-week high of $3.23 and a 52-week low of $0.92 and are now trading 39% above that low price at $1.28 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1% while the 50-day MA has declined 0.3%.

SmarTrend is tracking the current trend status for J.C. Penney Co and will alert subscribers who have JCP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle j.c. penney co

Ticker(s): JCP