Sector rotation out of tech and into laggards started on Aug. 4/6, and beginning of Macy's uptrend. After a very strong week, we've seen some pullback yesterday and today. However, there was a bounce at ~$6.80 a share today at the 50% Fibonacci retracement level. I expect this to continue to rise over the next few days and weeks into the $9-$10 range retesting the June highs. Some support above the 50 MA. Also see a hammer candlestick pattern forming today.
Comment:
Stock dropped further, but looks like it is potentially seeing support off the .618 Fibonacci Retracement level. Obviously, if it drops beyond this, may be a reversal. However, I expect it to rebound off this level, but will be watching closely over the next couple of days.
Comment:
Bounce off .786 retracement level. Looking for it to continue upwards.