Reference Points for Macy's
Published on Thursday, 29 November 2012 08:36 Written by TradersHuddle Wire
New York, November 29th (TradersHuddle.com) - Macy's, Inc. (NYSE:M) closed the trading day at $40.36, near its 50 day moving average that is set at $39.44. Macy's, Inc. price action is just above this important support level, providing 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.
The peaks and troughs algorithm shows calculated support at $39.34 and calculated resistance at $41.76. These levels should also be evaluated when planning trades, as they provide an insight into the latest price action.
Traders wanting to establish a position on Macy's should look for evidence of buying near the 50 day moving average, and open this position as close as possible to this important level. Also, they need to consider the latest range defined by the peaks and troughs algorithm for insights on other key levels that might impact an upside or downside move.