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JC Penney (JCP) Breaks Through Resistance at $9.49

By David Diaz

Shares of JC Penney (NYSE:JCP) have bullishly opened above the pivot of $9.36 today and have reached the first resistance level of $9.49. Analysts will be watching for a cross of the next upside pivot targets of $9.59 and $9.82.

Over the past year, JC Penney has traded in a range of $6.00 to $11.99 and is now at $9.52, 59% above that low. The 200-day and 50-day moving averages have moved 0.12% higher and 1.35% higher over the past week, respectively.

JC Penney (NYSE:JCP) has potential upside of 8.5% based on a current price of $9.52 and analysts' consensus price target of $10.33. The stock should hit resistance at its 50-day moving average (MA) of $10.40, as well as support at its 200-day MA of $8.78.

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 11.1%. We continue to monitor JCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: pivot alerts JC Penney

Ticker(s): JCP