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

By Amy Schwartz

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 $0.93 and $0.94 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.

Potential upside of 286.5% exists for J.C. Penney Co, based on a current level of $0.94 and analysts' average consensus price target of $3.63. The stock should find initial resistance at its 50-day moving average (MA) of $1.34 and further resistance at its 200-day MA of $1.47.

Over the past year, J.C. Penney Co has traded in a range of $0.88 to $3.16 and closed yesterday at $0.94, 7% above that low. Over the past week, the 200-day moving average (MA) has gone down 2.3% while the 50-day MA has declined 5.5%.

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 April 10th, 2019 by issuing a Downtrend alert when the shares were trading at $1.27. Since that call, shares of J.C. Penney Co have fallen 26.0%. 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