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

By Nick Russo

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 $3.12 and $3.23 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.

Over the past year, J.C. Penney Co has traded in a range of $2.35 to $11.30 and closed yesterday at $3.14, 34% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.

J.C. Penney Co has overhead space with shares priced $3.14, or 17.1% below the average consensus analyst price target of $3.79. The stock should find initial resistance at its 200-day moving average (MA) of $8.78 and further resistance at its 50-day MA of $10.40.

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 its subscribers protect gains by selling shares of J.C. Penney Co on March 8th, 2018 by issuing a Downtrend alert when the shares were trading at $3.47. Since that call, shares of J.C. Penney Co have fallen 10.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

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

Ticker(s): JCP