Close to Key Levels: Macy's
Published on Friday, 30 November 2012 08:20 Written by TradersHuddle Wire
New York, November 30th (TradersHuddle.com) - Macy's, Inc. (NYSE:M) closed the trading day at $38.62, near its 50 day and 200 day moving averages set at $39.44 and $38.23 respectively. Macy's, Inc. price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
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 seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Macy's and wait for the stock to break out above its 50 day moving average at $39.44. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $38.23 breaks, it could signal further downside pressure for Macy's.
- PV Enterprises International, Inc. (PVE) enters into an agreement with Invisosoft, Inc. ( A Global Visual Communications Company ) to develop a Maritime Visual Communication Platform
- PV Enterprises International announcement Time charter awarded.
- PV Enterprises International announces Time Charter awarded
- PV Enterprises International, Inc. Messages to shareholders regarding FINRA
- PV Enterprises International, Inc. (OTC Pink: VDSC) Announces the Spinoff of its subsidiary IMAG Group, Inc. formerly known as Red Tide Defense Group and the Filing with FINRA
- News Message from CEO of PV Enterprises International to its Shareholders
- Message from CEO to Shareholders
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines