JC Penney on Sale
by Sam Collins 11/16/09
Free Trading Guides
JC Penney Co. (JCP) -- This retail stock made an all-time high above $85 in early 2007, but fell below $14 in March of this year.
A sharp rally from the March lows drove the stock to more than $30 by May, where it topped and then began to form the bull channel that has marked its recent performance.
A new stochastic buy signal at the bottom of the bull channel could be a good place for both investors and traders to take positions.
For traders, the target would be at around $38, but investors will probably want to hold JCP for the long term.
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