MACY'S STOCK LIKELY TO FALL SHORT-TERM DESPITE VERY BULLISH LONG-TERM CHART

Macy's

stock had a nice breakout to the upside recently but has pulled a bit further than the bulls ideally would have wanted. If the stock closes below the $58.93 level today – as it is currently trading at $58.84 level as of 1:30pm EST, there will be a strong likelihood that it will continue on down to key Fibonacci-generated “correction support” at $56.91. If conditions worsen significantly, Macy's would break the “correction support” and eventually work down to the long-term uptrend line in the low $50s. Right now, the bulls are hoping for a hold of support either at the $58.93 level or even the $56.91 level. A hold at either of those levels will likely mean Macy's will resume its recent bullish trading activity and take the stock up to around $66 – where the upper edge of the long-term uptrend channel comes into play.