The 200 Day Moving Average is a Great Reference Point for Macy's

Published on Thursday, 14 June 2012 07:24 Written by TradersHuddle Wire

New York, June 14th (TradersHuddle.com) -Macy's, Inc. (NYSE:M) closed the trading session at $35.06 near its 200 day moving average set at $34.06. Macy's, Inc. price action is just above this key support level, grabbing traders' attention for a possible 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.

The latest price action range, defined by a peaks and troughs algorithm, places calculated support at $35.88 and resistance at $37.97. These levels will provide insight for the stock's latest price dynamics.

Traders wanting to establish a position on Macy's will look for evidence of buying near the 200 day moving average, before opening the position as close as possible to this key technical level. Also, they need to consider the latest range defined by the calculated support and resistance levels for insights on other key levels that might have an effect on future price movements.