Possible Bullish Inside Day Candle Pattern Detected for JC Penney (NYSE:JCP)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in JC Penney (NYSE:JCP) based on the price action in the company's shares. Today's price range of $9.85 and $10.00 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. Traders and investors interested in shares of JC Penney 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 3.7% exists for JC Penney, based on a current level of $9.96 and analysts' average consensus price target of $10.33. JC Penney shares should encounter resistance at the 50-day moving average (MA) of $10.40 and support at its 200-day MA of $8.78.
J.C. Penney Company, Inc., through a 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. JCPenney markets primarily family apparel, jewelry, shoes, accessories, and home furnishings.
In the past 52 weeks, JC Penney share prices have been bracketed by a low of $6.00 and a high of $11.99 and are now at $9.96, 66% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.4%.
SmarTrend recommended that subscribers consider buying shares of JC Penney on June 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.46. Since that recommendation, shares of JC Penney have risen 15.9%. We continue to monitor JCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bullish inside day candle JC Penney