novvoll12

10-mon falling channel suggests further range-bound price action

NYSE:M   MACYS INC
17 0 2
M $36.51 – 10-month falling channel suggests further range-bound price action

M made a new-year low at 29.94 (May 23, 2016) before consolidating. The level could hold medium-term since it is near the 61.8% key retracement of the 2009-2015 (5.07/73.61) upswing. Currently, M is ranging below the 200 day moving average (at 37.68) within a 10-month falling channel . If the 37.68/38.48 resistance zone caps the recovery, the stock will likely retest the 34.31 support.

However, a decisive upside break above the 38.48 resistance and then 40.98 (August 16, 2016 prior lower high) would confirm channel breakout and turn the structure bullish . The upside target then will be 45.50 (March 18, 2016 YTD high).

Outlook:
Daily: neutral
Weekly: neutral
Monthly: neutral
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out