JC Penney, On 10-Day Winning Streak, Approaches $10

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

J C Penney Company Inc JCP shares were trading higher by $0.29 (2.5 percent) at $9.97 in Tuesday's session. The issue is in the midst of a 10-day winning streak that began on August 24, when it ended the session at $7.91.

The rallies were miniscule at the start of the streak, but gained momentum on August 27, when it rallied from $8.47 to $8.94 the following day. Deutsche Bank analyst Paul Trussell attracted more buying interest in the issue, when he upgraded the issue from Hold to Buy, while raising his price target from $10-$12.

Now the issue is attempting to trade in double digits ($10) for the first time since October 2014 when it peaked at $10.20 before ending the year at $6.48.

It has not closed above $10 since September 30, 2014, when it ended the session at $10.04.