Macy’s has screamed higher since November, and now may be offering the bulls another entry.

The first major pattern on the retailer’s chart is the upward sloping trending running from the mid-December lows. The bears tried to break it last week but apparently threw in the towel.

Next is the rising 50-day simple moving average, which M has also held…

For more, please click here to view the related idea and chart analysis on TradingView.

Macy’s (M), daily chart, with key patterns, courtesy of TradingView.

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David Russell is VP of Market Intelligence at TradeStation Group. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial.
Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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