M closes above its opening price after recovering from early selling pressure
Macy's Inc (M) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, M ended the month 8.18% higher at 6.88 after gaining $0.26 (3.93%) today, strongly outperforming the S&P 500 (1.54%). Trading up to $0.24 lower after the open, Macy's managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 6.64, the share confirmed its breakout through the prior session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (M as at Jun 30, 2020):
Tuesday's trading range has been $0.58 (8.79%), that's slightly below the last trading month's daily average range of $0.68. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for M.
Buyers managed to take out the key technical resistance level at 6.74 (now S1), which is likely to act as support going forward. The last time this happened on June 18th, M actually lost -5.62% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the close-by swing high at 7.20 where further buy stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Macy's. Out of 254 times, M closed higher 52.36% of the time on the next trading day after the market condition occurred.