J.C. Penney Co. Inc. (JCP) continues to sink lower and lower. It is virtually guaranteed to win the limbo dance competition. Let's review that charts and indicators of this retailer to see if it will find a floor at some point.
In the daily bar chart of JCP, below, we can see that prices are in a downtrend. The slope of the 50-day moving average line has been negative since early March and the 200-day moving average line has had a negative slope even longer. Prices are below both average lines.
The daily On-Balance-Volume (OBV) line has been in a decline from early March and continues to tell us that sellers of JCP have been and continue to be more aggressive. The Moving Average Convergence Divergence (MACD) oscillator has spent most of the past twelve months below the zero line in bearish territory.
In this weekly bar chart of JCP, below, we can see a bearish picture with prices below the declining 40-week moving average line. The weekly OBV pointed down for months and the MACD oscillator in bearish territory since early 2017.
In this Point and Figure chart of JCP, below, we can see a downside price target of $0.50.
Bottom line strategy: On some charts you get a some bullish hints or hope of a turnaround but not on the charts of JCP.