Close to the 50 Day - Macy's

Published on Tuesday, 31 January 2012 21:00 Written by Danny Miller

New York, January 31st (TradersHuddle.com) - Shares of Macy's, Inc. (NYSE:M) closed the trading day at $33.69 close to its 50 day moving average currently set at $32.74. Macy's, Inc. price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $32.84 and calculated resistance at $35.92. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Macy's will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.