M finds buyers at key support level

Macy's Inc. (M) Technical Analysis Report for Sep 14, 2018

Highlights

M closes above its opening price after recovering from early selling pressure
M finds buyers at key support level
M ends the day on a bullish note closing near the high of the day
M runs into sellers again around 36.38
M closes within previous day's range

TQ Sentiment

Report Sentiment: 57% Bullish
Technical Forecast:

Overview

M ended the week 2.14% higher at 36.27 after gaining $0.53 (1.48%) today. Trading up to $0.72 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for M

Volatility

Friday's trading range was $1.36 (3.81%), that's above last trading month's daily average range of $1.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.

Price Action

Despite a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

After trading as low as 35.02 during the day, Macy's Inc. bounced off the key support level at 35.11. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 36.44 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 36.38.

Trend

M shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the close-by swing high at 37.23 where further buy stops might get activated. Further selling could move prices lower should the market test August's nearby low at 34.70.

Conclusion

Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only slightly bullish while our quantitative statistics show a bullish sentiment.

Market Conditions for Macy's Inc.

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