Trading Idea: Key levels for Macy's

Published on Thursday, 12 July 2012 08:56 Written by TradersHuddle Wire

New York, July 12th (TradersHuddle.com) - Shares of Macy's, Inc. (NYSE:M) ended the trading session close to calculated support at $32.70, a level that will raise the attention of traders looking for an entry point.

Macy's, Inc. stock range is defined by its calculated support defined at $32.70 and by the resistance level at $35.03. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.

Traders wanting to establish a position should pay close attention to Macy's, Inc. price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $35.03 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.

Shares of Macy's, Inc. closed at $33.15 in the prior trading session.

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.