Close to Key Levels: Macy's

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.

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