Macy’s Could Be Holding Support
Macy’s rallied in late 2021. Now it may be holding support after a pullback.
The first pattern on today’s chart is the 200-day simple moving average (SMA). Notice how the department-store operator touched the line this week for the first time since November 2020.
Second, prices have formed a parallel channel this year. The pattern has a slight downward trajectory but roughly ranges between $23 and $28.
Next, the bottom of the channel is near the consolidation zone in October. It’s also slightly above the January 2021 high, which may suggest old resistance has become new support.
Finally, the fundamentals could also be positive because M’s results have beaten estimates for the last seven quarters.
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The first pattern on today’s chart is the 200-day simple moving average (SMA). Notice how the department-store operator touched the line this week for the first time since November 2020.
Second, prices have formed a parallel channel this year. The pattern has a slight downward trajectory but roughly ranges between $23 and $28.
Next, the bottom of the channel is near the consolidation zone in October. It’s also slightly above the January 2021 high, which may suggest old resistance has become new support.
Finally, the fundamentals could also be positive because M’s results have beaten estimates for the last seven quarters.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradingView is not affiliated with TradeStation Securities Inc. or its affiliates. TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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