JCP – JC Penney

Here is a 3 month daily chart to look at some short-term probable price targets for JC Penney (JCP). the 261.8% Target Line from the Fibonacci Extension Tool placed on the mini mound preceding the current uptrend provides a $7.98 target price. That target price is right below the bottom of the Falling Window candlestick pattern’s resistance area. A move to the bottom of that resistance area looks very probable before earnings based on nice buying volume and also a MACD Histogram that reflects increasing buying momentum. The $8 – $8.20 short-term price target looks very doable.

If JCP does continue its run, I imagine it will see resistance and not move through the $8.20 area until possibly after earnings. Maybe even with a gap-up after earnings.