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Nearest Resistance: $29
Nearest Support: $23.50
Catalyst: New Store Concept Attention
>>4 Retail Stocks Rising on Big Volume
Finally, department store retailer
J.C. Penney(JCP - Get Report) is getting plenty of buying attention today following increased media coverage of the firm's new store-within-a-store concept. With investors growing impatient over a turnaround, shares of JCP have been under downward pressure for much of 2012, but the first trickles of good news surrounding the new stores could help buy management more time to pull off their big moves. Shares are up around 7.5% today on high volume as I write.
J.C. Penney is looking attractive from a technical standpoint too. While the stock started pulling back in September, it's been forming a rounding bottom for the past couple of weeks. Even though today's move higher is dramatic, shares are still a whole lot closer to support at $23.50 than they are to the next-closes resistance level at $29. With plenty of room to run until shares hit selling pressure again, I'd recommend being a buyer here as long as you've got a tight stop in place.
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-- Written by Jonas Elmerraji in Baltimore.