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JC Penney Inverse Head And Shoulders Breakout?

|Includes: J.C. Penney Company Inc. (JCP)

I posted a bullish note about J.C. Penney (NYSE: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 hit $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.