JC Penney (JCP) at Bottom of Bull Trend Channel

11/17/2009 12:01 am EST

Focus: STOCKS

JC Penney (JCP) stock made an all-time high above $85 in early 2007, but fell below $14 in March of this year.



Click to Enlarge

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. 

By Sam Collins at OptionsZone.com

[Editor’s note: JCP may also benefit in the short-term during the month of November as retail stocks typically do well during the holiday shopping season.]

Related Articles on STOCKS

Keyword Image
11 Reasons to Buy Microsoft
18 hours ago

For our latest recommendation, we revisit one of the world's most prominent technology companies, Mi...

Keyword Image
A Trio of Top-Tier Biotechs
18 hours ago

We hold three biotech stocks in our growth portfolio — Biogen (BIIB), Bioverativ (BIVV), and R...

Keyword Image
Saudis, Oil and ETFs
18 hours ago

Under the guise of clamping down on “widespread corruption,” Prince Mohammed bin Salman ...