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JC Penney (JCP) Crosses Pivot Point Support at $5.91

By Amy Schwartz

Shares of JC Penney (NYSE:JCP) opened today below their pivot of $6.07 and have already reached the first level of support at $5.91. Should the shares continue to fall, the support pivots of $5.84 and $5.61 will be of interest.

In the past 52 weeks, shares of JC Penney have traded between a low of $5.85 and a high of $11.99 and are now at $5.94, which is 2% 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%.

There is potential upside of 45.9% for shares of JC Penney based on a current price of $5.94 and an average consensus analyst price target of $8.67. The stock should find initial resistance at its 200-day moving average (MA) of $8.78 and further resistance at its 50-day MA of $10.40.

SmarTrend recommended that its subscribers protect gains by selling shares of JC Penney on December 16th, 2016 by issuing a Downtrend alert when the shares were trading at $8.91. Since that call, shares of JC Penney have fallen 32.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: pivot alerts JC Penney

Ticker(s): JCP