MACY trade ideas
Macy's underperforms broader marketAnother chart that caught by eye as a big negative mover on the StockCharts Technical Rankings. I will look for confirmation for the price to move out of the symmetrical triangle that is forming but given its recent underperformance of the S&P I am again biased on the short side for this trade.
Macy's Going to Celebrate!This stock is ready to rise after we had a low volume test on the daily. Macy completed the downward cycle with 3 clear levels of drop, followed by an accumulation phase, then a breakout and a clear rejection of the top edge of a value area. You can see that levels are balancing higher now.
Fundamentals are going to drive this market to insane levels, you can't fight the Feds, you just have to follow their instructions to stay long and make a fortune.
Look for M to breakdown from this channel & 20/50MA crossover Also markets are up today. Macys showing weakness.
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Possibility of a 10% reverseHere it is Macy's. we saw twice overbought RSI levels wich led the price to reach the main trend support. This is the 3rd time and with a divergence. the price can be shorted now and for that, i would suggest to place a stop loss at or above the trendline resistance. The only risk we encounter here, is the price to reach the middle trend support and then bounce back to the top.
M50 retrace of prior low to high. Positive RSI divergence. Close above 46,12 confirms double bottom for 48.75
