M | Basic setup, Price is trading in a sideways channel between major support and resistance lines. Currently price has formed a downward moving channel bouncing off the top of the range. There is Fibonacci confluence at the .318% line if price closes below this it is indicating a bearish reversal all the way to support of the channel. A close outside the .618% line will be confirmation of a selloff to support. The indicators are also signaling a bearish move. A close below the .318% line can be used as an entry and a stop should be placed using daily volatility or the 8 EMA, if you're using stops.
Footnote | Macy's led the retail industry last quarter I believe we can expect the same this quarter, look for Macy's Q2 earnings report this week and any other news in relation to retail.
Footnote | Macy's led the retail industry last quarter I believe we can expect the same this quarter, look for Macy's Q2 earnings report this week and any other news in relation to retail.
Note
Trade Idea VOIDED on 8.18.17
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.