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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in J.C. Penney Co (NYSE:JCP) based on the price action in the company's shares. Yesterday's price range of $1.42 and $1.45 is within the prior day'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. Traders and investors interested in shares of J.C. Penney Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

J.C. Penney Co share prices have moved between a 52-week high of $3.54 and a 52-week low of $0.92 and closed yesterday at 58% above that low price at $1.45 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 1.5%.

There is potential upside of 150.6% for shares of J.C. Penney Co based on a current price of $1.45 and an average consensus analyst 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 $1.68.

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.

SmarTrend recommended that subscribers consider buying shares of J.C. Penney Co on January 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $1.31. Since that recommendation, shares of J.C. Penney Co have risen 8.0%. We continue to monitor JCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle j.c. penney co

Ticker(s): JCP