After Yesterday's Rally of 1.92% Shares Could Potentially Pullback
JC Penney (NYSE:JCP) traded in a range yesterday that spanned from a low of $8.85 to a high of $9.22. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $8.88 on volume of 7.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Over the past year, JC Penney has traded in a range of $6.00 to $11.99 and is now at $9.03, 50% above that low. 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 4.9%. We continue to monitor JCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: rebounders JC Penney