MACY'S ($M) 🛍️ | Are the Bulls Going on Parade too Early?
🏬 Between a weak earnings outlook, years of growth for online shopping, COVID, and the protests the last place you would think people would want to put their money is in retail giants like Macy's... yet, here we are. M has had a solid recovery since the COVID crash. That said, we think this Macy's day parade may be coming to end as we go into earnings and get rejected from resistance at the same time. Let's look for a setup.
Resources: www.earningswhispers.com/stocks/m
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Despite some recent strength, Fractal Trend is showing a downtrend (Maroon colored bars) on the 1-hour timeframe.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon colored lines) and/or bearish S/R levels plotted by Directional Bias (Maroon colored lines).
3. The plan here is to short the R1 orderblock above the gap on the left side of the chart with a target of the S1 S/R range.
4. We have placed our stop above R1. This not only gives us a good R:R, it also protects us from any volatility (although we expect R1 to hold so that extra protection shouldn't be necessary).
Overall our play here is simple, short the recent strength in this retail giant as it touches resistance into what analysts project to be weak earnings.
Good luck everyone!
Resources: www.earningswhispers.com/stocks/m
✨ Drop a comment asking for an update, we do NEW setups every day! ✨
Like, Comment & Follow to help the community grow 🎉🎉
---
1. Despite some recent strength, Fractal Trend is showing a downtrend (Maroon colored bars) on the 1-hour timeframe.
2. With this strategy, we are looking for short setups in a downtrend and as such want to enter short on retests of bearish order blocks plotted by Orderblock Mapping (Maroon colored lines) and/or bearish S/R levels plotted by Directional Bias (Maroon colored lines).
3. The plan here is to short the R1 orderblock above the gap on the left side of the chart with a target of the S1 S/R range.
4. We have placed our stop above R1. This not only gives us a good R:R, it also protects us from any volatility (although we expect R1 to hold so that extra protection shouldn't be necessary).
Overall our play here is simple, short the recent strength in this retail giant as it touches resistance into what analysts project to be weak earnings.
Good luck everyone!
