CotW: JC Penny Near Weekly Support

jcp cotwJC Penny is returning to weekly support. Our analysis of the broader market situation supports an intermediate-term bullish position at the bottom of the MAC channel (click chart above for details). Risk 2x channel width at 7.13. First profit target is top of channel, 8.99. Buy and profit targets for this trade are updated on a weekly basis according to the prior week’s MAC levels.