Macy's Is Near a Key Resistance Area
Published on Friday, 10 August 2012 08:36 Written by TradersHuddle Wire
New York, August 10th (TradersHuddle.com) - Shares of Macy's, Inc. (NYSE:M) are trading very close to calculated resistance at $38.54. The stock ended the trading session at just $38.12, which is near levels that make it difficult to buy or start a position.
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, Inc. stock range is defined by its calculated support defined at $34.89 and by the resistance level at $38.54; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Macy's. However, as the stock pulls back towards $34.89 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $38.54 then traders will get an opportunity to enter the stock as it moves to a higher range.
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