Macy's, Inc. Stock Continues To Go Down
Macy's, Inc. (NYSE: M) stock had a nice breakout to the upside recently but has pulled a bit further than the bulls ideally would have wanted.
If the stock closes below the $58.93 level Tuesday -- it was trading at the $58.67 level as of 2:20 p.m. EST -- there will be a strong likelihood that it will continue down to key Fibonacci-generated “correction support” at $56.91. If conditions worsen significantly, Macy's would break the “correction support” and eventually work down to the long-term uptrend line in the low $50s.
The bulls are hoping for a hold of support either at the $58.93 level or even the $56.91 level. A hold at either of those levels will likely mean Macy's will resume its recent bullish trading activity and take the stock up to around $66, where the upper edge of the long-term uptrend channel comes into play.
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