Macy's @ Year Highs

Published on Thursday, 12 January 2012 12:34 Written by TradersHuddle Staff

New York, January 12th (TradersHuddle.com) - Shares of Macy's, Inc. (NYSE:M) booked a new 52 week high today by trading above $35.07, traders are definitely monitoring Macy's, Inc. price action to see if this move attracts further buying into the stock.

Macy's, Inc. (NYSE:M) operates department stores in the United States. The New York, NY based company also operates direct mail catalog and electronic commerce subsidiaries. Macy's retail stores sell a wide range of merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods.

Macy's is currently trading 0.69% versus its previous trading session close, and it has calculated support and resistance at $30.42 and $34.80 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading lower by -0.09% from its previous trading close, which means that Macy's stock is outperforming the overall market.