JC Penney (NYSE:JCP) traded in a range yesterday that spanned from a low of $24.72 to a high of $25.75. Yesterday, the shares gained 2.67%, which took the trading range above the 3-day high of $25.16 on volume of 3.9 million shares.
Shares of JC Penney are currently trading above their 50-day moving average (MA) of $24.91 and should find resistance at their 200-day MA of $28.47. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of JC Penney and our subscribers were alerted to Buy on July 21, 2010 at $24.07. The stock has risen 6.9% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $25.16 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Department Stores industry.