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Second Leg Of $JCP Breakout Above To Begin

Shares of J C Penney Company Inc (NYSE:JCP) broke-out a week ago, surging above the key $5.00 level. The $5.00 level is major because many institutions will only hold stocks above $5.00. Assuming J C Penney holds $5.00, these institutions who had to sell below $5.00, may rebuy. In addition, The stock chart has started to make a beautiful bull flag over the last few days. This implies another surge coming. I have an upside target of $6.75.