I posted a bullish note about JCP a few days ago on Stocktwits, but forget to put it elsewhere! Drat. Anyway, it’s a pretty nice inverse Head-and-Shoulders that would seem to portend the prospect of much greater upside in the longer term, even with today’s earnings jump. It’s interesting that the after-hours rally hits $10.62, which is awfully close to the that upper line of resistance in the chart below. If we hit that price today, I will sell and look to buy back. Once that trend line is broken, I think JCP can probably run a good bit higher.
**UPDATE: So far, JCP has sold off and sold off some more. it is re-testing the support trend line and 50 day moving average. It has since now held and rallied from those levels. Another stock I’ve been following, ACI, has broken the various support trend lines that I drew. It is retesting its lows of 2014. GDXJ has also broken down.